Do you think Bitcoin can really become common for payments in Nigeria?

[Obulis]

Seeing Bitcoin as just computer code leaves governments wondering of it's reliability in the long run.

The decentralized nature of Bitcoin makes it more difficult for our naija to accept Bitcoin as legal tender. Its supply not being controlled by anyone in the first place (like the case of Central Banks).

Incessant price volatility can also be a major reason why Bitcoin is not acceptable for daily use. This is a threat to naira stability "they might think" (as Bitcoin value can change in daily usage).

[mustapha67]

Honestly, if I had this Bitcoin investment opportunity, I would have stepped out of poverty since. Imagine a graduate who has spent virtually everything in order to gain education which they say, "It is the bedrock of success" has bluntly become a bed of unemployment.

Bitcoin could have been paying me now if I had invested my time and resources all these years. It is an irony to realize that sometimes, investment is solid, and more lucrative than just wasting resources.

Without doubt, Bitcoin may stand out to benefit people as regards paying well than other sectors of business in the country. For instance, I think we have noble legends in the forum who are earning well, and are not ready to leave the business for another.

[Man of peace]

I don't think Bitcoin will be common for payment in this country,in the sense that majority of people who are into Bitcoin in this country seem not to be a government worker, so that they would have suggested that in the government for approval.they are all an independent people, and the numbers of people who are there in the government offices and as well into the bitcoin are not enough to convince and to bring our leaders to the knowledge about Bitcoin, and even if they do,they will not be listen to, because The higher authority doesn't have the knowledge about bitcoin and the impact of it in a country that operates bitcoin..
So Bitcoin as a common means for payment in Nigeria can only be possible whenever they are agreed to let the young generations to become their leaders and change a lot of mindset of those old cabas, because the younger generation today have gone far away in terms of technologies which our older people are finding some so difficult to adapt to it..

[Skydrill]

I don't think Bitcoin will be common for payment in this country,in the sense that majority of people who are into Bitcoin in this country seem not to be a government worker, so that they would have suggested that in the government for approval.they are all an independent people, and the numbers of people who are there in the government offices and as well into the bitcoin are not enough to convince and to bring our leaders to the knowledge about Bitcoin, and even if they do,they will not be listen to, because The higher authority doesn't have the knowledge about bitcoin and the impact of it in a country that operates bitcoin..

with the value and potentials of Bitcoin globally, it very certain that very soon Bitcoin will be only be used commonly for payments Nigeria alone but also a legal tender, all that is required for this to happen is the awareness of Bitcoin, people will never place value on anything except they understand the value of that thing and this one of reasons why Bitcoin seems to be underated in this part of the world, I know some people have some bad perception about Bitcoin due to some unfortunate situations that some people have been scammed thereby making government to engage some restrictions which has affected Bitcoin but I believe all these would be addressed soon and Bitcoin would take its place in the Nigerian economy.

[Agbamoni]

I think Bitcoin needs more time to get that level because our country currently are not that friendly due to regulations issues and right away I am also hearing some news about setting tax for those who transact on bitcon and also those who operate on POS machines in our country. So, with time vast majority of people could start using Bitcoin on a daily basis or even used for paying tuition fee with Bitcoin and rest in our country.

I will only agree on Bitcoin needing more time because with time there will be a solution to the technical difficulty of making instant transaction and low fees in bitcoin.

Time waiting on adoption is necessary. Many has adopted bitcoin in Nigeria and the numbers are enough to start using Bitcoin as a mean of payment. Almost all the youths make use of Bitcoin.

[Achalugo BTC]

Well it depends, but for now people are not actually sure because of the way the government are against it, especially as they are not in control it.
The government likes it when they are in control of something especially when it comes to finances, but since they are not in control of it they want to terminate it by all means but they can’t. And also as crypto has been of help to a lot of people, people will be happy if it’s accepted here in Nigeria as means of buying and selling goods.

[POPOLUV]

Few days ago this particular thought came to me that i wish that Bitcoin can just be common in Nigeria in such way that we can be using Bitcoin as a means exchange of goods and services, this thread is so important that i needed to go through to see the opinions of members here in in this local board and i got a very good suggestion from members that has already contributed with their own points of view, for my own opinion i will say if actually the government have started using Bitcoin as a means of payment, i know that government could have implemented that Bitcoin should be means of payment in Nigeria. But i know that as goes that is how the world is becoming more global, so there is every tendance that one day things might change for good.

[Cyber_warrior]

Most people here use Bitcoin mainly for saving or trading. Very few businesses actually accept it for daily transactions.

For dis our naija, na only one place I don see say dem dey even accept bitcoin as payment method, and na one school like that for Kano, but me I no dey sure if dem still Dey accept bitcoin up till now, but you go hardly hear say people dey use bitcoin run transaction, or you go hear say any business dey accept bitcoin as payment method, I don’t really know Wetin dey cause that one, because big businesses suppose don dey accept bitcoin, even if d small ones no dey accept.

But imagine being able to pay for food, transport, or even school fees directly in Bitcoin without worrying about bank limits.

Maybe that one go fit happen later in d future, but for now e go hard. Just imagine say u climb bike, or you enter tricycle, how u go take take tell d driver say make him give u bitcoin wallet you wan pay with bitcoin, d person go just look u like say na Mumu u be, because most of dem no even sabi bitcoin, and even d ones wey sabi am, dem no sabi how e dey work. So e go hard for small businesses to dey accept bitcoin because most of dem no really know about bitcoin yet.

Do you think this can ever become a reality in Nigeria? Or will Bitcoin remain something we mostly use for investment and not for everyday spending?

For now make we just dey use am for investment, before e go fit start to dey spend bitcoin, e go take time, because plenty people no even get proper knowledge about bitcoin yet. Even some people wey dey invest in bitcoin now, they still no get proper knowledge about am, na just person help them invest in bitcoin.

[Grace333]

Few days ago this particular thought came to me that i wish that Bitcoin can just be common in Nigeria in such way that we can be using Bitcoin as a means exchange of goods and services, this thread is so important that i needed to go through to see the opinions of members here in in this local board and i got a very good suggestion from members that has already contributed with their own points of view, for my own opinion i will say if actually the government have started using Bitcoin as a means of payment, i know that government could have implemented that Bitcoin should be means of payment in Nigeria. But i know that as goes that is how the world is becoming more global, so there is every tendance that one day things might change for good.

I also wish Bitcoin can be commonly used here for payments..  But looking at how things are in this Nigeria right now, I do not  think it will happen anytime soon…
The government still dey control the financial system and they are not ready to let crypto mix fully with it yet… But as adoption dey grow and more people start using Bitcoin for everyday stuff, I believe it will gradually become a normal means of exchange, maybe not today, but definitely someday…

[Y3shot]

Most people here use Bitcoin mainly for saving or trading. Very few businesses actually accept it for daily transactions.

But imagine being able to pay for food, transport, or even school fees directly in Bitcoin without worrying about bank limits.

Do you think this can ever become a reality in Nigeria? Or will Bitcoin remain something we mostly use for investment and not for everyday spending?

Times  change and nothing remain the same forever, for me still consider Bitcoin as a currency that people are still getting awareness about it and it has not been fully accepted by most government and this is why people are hodling it more because it is not fully legal. By the time Bitcoin will be widely accepted im sure the masses can use it to do whatever they want either to hodl it or to trade with it in exchange of goods and services. Im sure a tune will cone when bitcoin will be a reality in our country by the time the government legalise it as an alternative currency.

[NewRevelation]

In Nigeria I doubt the common usage of Bitcoin, though it is more common among young people, and this people are not really in any authority in the country that could make enforcement on common usage of Bitcoin unless the people in authority fully authorize the usage as it has been adopted since.
The truth is, Bitcoin usage remains but it will not be fully adopted or used by everyone, as some people still lack the knowledge of it usage and some persons dose not even know about it existence.

If there’s anything I trust about Nigerians is adoption because we can adjust to every situation if the government truly wants us to but I’m certain they wouldn’t want such a thing because they would stand the risk of losing a lot of fortune and opportunities. Most of the looting a are done through fiat currency so it can’t be easily traced but I think these men are too naive and dump(sorry for those words) are not even open to new innovations because if they do, they should understand that their looting might be even easier through bitcoin with the help of mixers without any trace but they should to stick to the traditional way because they are scared of improving the lives of their people.

Just like the cashless policy era, bitcoin will gain that very visibility with time which I believe will be sooner than expected or thought of and we will definitely adopt, both big and small and we might even be able to use it for transactions without so much processes
That time will come, maybe not now but definitely.

Well, going through the topic and points raised, I think I quite agree with you on this because we always adapt to situations. Just like you pointed out above, during the cashless economy, even though it was difficult on the citizens, we still managed to survive. With the way Bitcoin is going, gaining dominance in some countries, I believe it will too in Nigeria some time in the future. We might not know exactly, but hopefully soon, because Bitcoin is really doing well and has proven future value and potential. So I believe those countries that has not accepted Bitcoin will later do