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.

[SmartGold01]

At first for this to happen the country must first be that friendly to bitcoin and its growth, for instance; making it as a legal tender where someone could used it for as an exchange of goods and service. When government also removed their ban and restriction bitcoin it is that easier for bitcoin to be used as a payment methods in Nigeria.

[Rruchi man]

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?

It is possible bitcoin will be used because bitcoin is already in use for that purpose, just not mainstream yet. More persons will like USDT because they will be able to keep track of their expenses better, but Bitcoins will still be used.

[Cantsay]

What is the meaning of Egbado?

I believe it means corn - it was something Tinubu said during his campaign when he was listing out things that those who would get recruited into the military were going to be eating, he mentioned; cassava, Garri, beans Eba and agbado/egbado.

So I just included it in my post as a form of humor incase anyone who still remembered the campaign read through my post.

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.

Assuming we had leaders who are really interested in the betterment of the country and its economy then that other part of your post I cropped out would have made sense but the leaders are so self centered that all they care for his their own bag and not what the citizens want.

A leader that doesn’t even care whether it’s people are able to provide their daily meal - do you think that type of leader would even be willing to make time to listen to suggestions that has to do with cryptocurrency implementation in schools when they can’t even provide basic amenities for their citizens?

[Aanuoluwatofunmi]

Do you guys think Bitcoin can ever be used as a means of payment in Nigeria for both private and government sectors?

Nothing is impossible with life, it may only require time and more patience, but we are going to achieve whatever thig we so desire for the growth and development of the people.

Government may delay in making things into law, just as we all have been involved with the use of bitcoin despite the government's strong warning upon possible risk, for now bitcoin has been well known, becoming a mainstream will also not be a problem, even though the first step is required by us with adoption.

[MainIbem]

Do you guys think Bitcoin can ever be used as a means of payment in Nigeria for both private and government sectors?

Nothing is impossible with life, it may only require time and more patience, but we are going to achieve whatever thig we so desire for the growth and development of the people.

Government may delay in making things into law, just as we all have been involved with the use of bitcoin despite the government's strong warning upon possible risk, for now bitcoin has been well known, becoming a mainstream will also not be a problem, even though the first step is required by us with adoption.

I love that statement and yes nothing is impossible, the government announcing recently that cryptocurrency is legal in our country is a good development in the financial sector, though the use of cryptocurrencies especially Bitcoin haven't been widespread for means of translation by business people, small/large scale traders but things could change in the future, the process might not be very fast like in the near future but we could see that happening later in the future, the love for Bitcoin is gradually spreading and Nigeria is not left out, our government have proved that by making Crypto legal.

[Asiska02]

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.

Bitcoin can be used as a method of payment in Nigeria and if today the government decides to put that out, a lot of private and public entities will be willing to do that. It doesn’t matter if the people decided to be converting their money into USDT before sending them out but the most important thing is that cryptocurrency has been embraced and people make use of that as means of payment and accepted by everyone in the country. The world is indeed evolving and I am very sure that more and more country will take into consideration that and make bitcoin a legal entity in the crypto space.