Bitcoin as a method of Payment

[Stuart]

The world is evolving and only those who decides not to move along with the current trend are the ones left behind. On this, the crypto/digital world has become the order of the day, whereby everyone who knows the value and importance of Bitcoin to financial growth and freedom will want to make their earnings in Bitcoin.

Do you guys think Bitcoin can ever be used as a means of payment in Nigeria for both private and government sectors? Where the employers are aware of the value of Bitcoin and its price fluctuation, or if it is being considered, do you think they will want to make an alternative to Bitcoin and probably make use of USDT, which is a stable coin in other to maintain a steady price that is used on monthly basis?

Will like to hear your contributions on this.

[Cryptsafe]

The world is evolving and only those who decides not to move along with the current trend are the ones left behind. On this, the crypto/digital world has become the order of the day, whereby everyone who knows the value and importance of Bitcoin to financial growth and freedom will want to make their earnings in Bitcoin.

Do you guys think Bitcoin can ever be used as a means of payment in Nigeria for both private and government sectors? Where the employers are aware of the value of Bitcoin and its price fluctuation, or if it is being considered, do you think they will want to make an alternative to Bitcoin and probably make use of USDT, which is a stable coin in other to maintain a steady price that is used on monthly basis?

Will like to hear your contributions on this.

Yes, of course, I have no doubt Nigerians would begin to accept bitcoin as a means of payment, looking at the current naira-dollar pairs or exchange rate and the way it fluctuates. As a matter of fact, the government just approved and announced that crypto is now legal in Nigeria, and that makes it very fast for organisations to start accepting Bitcoin for the payment of goods and services.

In terms of business acceptance, the private sector, I think, would be quick to accept Bitcoin as a means of payment because of its nature. They would prefer it just to bypass the fiat system as they are ripping so much hell at a time, except the government prohibits such to happen otherwise, no well-informed organisation would still depend on accepting fiat as a means of payment, looking at its depreciation rate at the moment.

[Cantsay]

Yes there is a possibility of it becoming a recognized method of payment for both the private and government sectors - but not something that we’re going to see very soon because the current government are not that well equipped with the right knowledge and personnel to help educate them about it; so for the current government we probably should take our mind off of it for now but when we finally gets someone who’s technologically grounded and knows the nitty gritty of this situation and how it can help improve the situation of the economy then we can see possibilities of it happening but for now - I think we should be more focused on Egbado.

[Roseline492]

It can only be use in private for now and probably in the future also but we hope our prediction is wrong that they will take it as one but as for private it has been in use for so long now because everyday people are doing one Bitcoin or cryptocurrency entirely to one users who need it to another, so is very common now, although some companies are paying workers in dollars amd not in cryptocurrency but they might not like the usdt cryptocurrency payment because of high fees, even if you are withdrawing $3 in usdt you will pay $1 fees, so is something they might not accept to do

[Stuart]

Yes there is a possibility of it becoming a recognized method of payment for both the private and government sectors - but not something that we’re going to see very soon because the current government are not that well equipped with the right knowledge and personnel to help educate them about it; so for the current government we probably should take our mind off of it for now but when we finally gets someone who’s technologically grounded and knows the nitty gritty of this situation and how it can help improve the situation of the economy then we can see possibilities of it happening but for now - I think we should be more focused on Egbado.

What is the meaning of Egbado?
It is the government that is not yet ready to make this move of integrating cryptocurrency or Bitcoin to say as a means of payments for salary earners. Basically, because they have no idea on how it works and are not interested yet to make a technological growth or development. I believe that Nigerians who are technologically inclined and knows this cryptocurrency very well and can teach the so-called leaders on how it works, but the leaders who are self-centered are more interested in what will come out on-top for them.

Until we have a regime that will come to serve the nation and the people in it, we may find it difficult to see positive changes in growth and development in our nations all-round.