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Can We Balance Nigerian Economy With Bitcoin? And What's The Fate Of Naira

Discussion in 'Bitcoin Nigeria Community' started by Prezzy, Nov 20, 2016.

  1. Prezzy

    Prezzy GrandMaster Admin

    I was wondering, if Bitcoin really is what we must be talking about this days, we can also make it one of those things that we think about too. Perhaps, we can think of something that will have a positive national impact on the economy of this country.

    Visit this thread
    by @Webprof: Hot - Bitcoin Scam Issues And Advise (a Must Read)

    At least here on Jackobian, a good percentage of Jkins already knows about Bitcoins
    and can testify to the ease of using the cryptocurrency to make transactions anywhere in the world.
    Sending 500,000 naira with the crypto-currency is less stressful than transferring 5,000 naira in the local currency and a lot more

    For a currency that holds so much promise and again completely anonymous, i think it has the potential to make or mar the economy.

    Some countries are taking bitcoins more seriously than Nigeria is.
    I heard some time ago that one country(can't remember the name) is working on their own Bitcoin wallet
    Check: Here Are The Best 10 Bitcoin Wallets Of All Time!

    So, here is the deal...
    How can Bitcoin and other Cryptocurrency facilitate buying and selling in Nigeria?
    How can we use this to stabilize the economy?
    How can this possibly be used to correct the unsteady dollar-naira situation?

    Lastly, What will be the fate of Naira if we all starts using Bitcoin?

    Drop your comments if you have an answer to any of those questions let's pitcure the solution to Nigeria's economy using the CryptoCrurrency, Bitcoin!
  2. Webprof

    Webprof Jackobian

    Hmmmmm. Bro you have my thinking. Most people do no go that length, only what they are after is the present and only the present alone.

    But as a matter of fact, if BITCOIN become a legal (as in all using it) money in Nigeria as a whole, I'm sorry to tell you this. I think we'll be running in some kind of more or hotter recession, why because every minute and seconds, BTC changes rate to all currencies in the world.

    With this insight, most Nigerians are very greedy and all they'd pray for is for 1$ to rise to about 1000 NGN, why because of greed which will be causing more harm to the value of the country's currency.

    And as a matter of fact not everyone can operate the system of cryptocurrencies and not everyone can hear about it.

    All I wish is just for it to remain at the level at which it is, and at a reduced scam rate.
    Last edited: Nov 21, 2016
    Cybertycoon likes this.
  3. Prezzy

    Prezzy GrandMaster Admin

    i see your fear.
    i agree. Bitcoin is highly unstabble and i don't like it myself. It can loose value and gain value over-night(no, over seconds) and the worst part is that noone can control that because there is no government here.
    Meanwhile, people have been able to survive these fluctuations for years now and our naira is not doing so much batre at least, Bitcoin is a lot more predictable so, it still leaves us at the point that naira did!
  4. Prezzy

    Prezzy GrandMaster Admin

    thanks for your contribution here @Webprof
  5. Webprof

    Webprof Jackobian

    The pleasure is always mine.
  6. Prezzy

    Prezzy GrandMaster Admin

  7. Prezzy

    Prezzy GrandMaster Admin

  8. Prezzy

    Prezzy GrandMaster Admin

    we have to do something nigerians don't believe in... mining bro.
    now, i have seen it and we can hype the price as we wish but then, we are selling to the other countries so if we hype the price, it's not affecting us! Here's how we beleive it will work bro
  9. Prezzy

    Prezzy GrandMaster Admin

  10. Gad

    Gad GrandMaster Knight

    @Prezzy, thanks for bringing us here!

    Let's start at this why naira is going down is because of the way Nigerians are in high need of this bitcoins
    You made mention of a country that's opening a new wallet, where's that happening on there own country!
    Yes those guyz thought and saw ways that they can generate more money for their country using BTC, why can't Nigeria do the same here's a very big opportunity for Nigeria to do what? Utilize the bitcoins in favour to Nigeria

    Now how can this be done.
    We all know the way BTC flow's in and out of the country, now here's the trick BTC flow's into country with not so much value but when it's going, it's going with a whole new bright overloading value, why? Cuz we are using more naira to buy this Bitcoins into the country and it's going anyway to another country where it's coming from with great value.

    Doing of wallet here in Nigeria, that's very possible cuz with our own wallet, secured! Nigerian's can then be saving money from our own wallet instead of using other countries own, these guyz are making huge money from the amount of wallet created and as a result they have rise in wallet used by them an the money........ Of cause going to their country

    Banks too can also use this bitcoins in their favor too, that's if it's possible I don't know.
    But if it is, cool!! Most banks overseas use bitcoins as means of payment, if Banks can adopt this method then naira can find it's place in respect to BTC because they will buy BTC in Bulk and sell to Nigerian's let's say in an average rate then we sell this BTC within our country, so it's going in spreading throughout the country making it nearly impossible to live!

    Another one is using bitcoins to promote Nigeria made Good's, we buy bitcoins use it here in Nigeria to buy and sell Good's within the country that way the economy is been boosted by BTC and naria too.

    I don't know if investment programs can be done here cuz this will go a long way to also boost Nigeria economy.... That is investment programs verified and endorsed by the CBN, so Nigerian's won't be afraid on which is scam or real, and at this we buy the bitcoins into Nigeria kept on our own wallet, transactions carried within the country, also funded within the country.

    So this what I think is goanna make it possible for both the economy and as well naira.

  11. Prezzy

    Prezzy GrandMaster Admin

    at the moment, this is impossible bro
    does the Nigerian government even know that Bitcoins exist?
    they can but they won't because the banks are remoted by the central bank and those guys sees bitcoins as a threat to their naira.

    However, Bitcoin still holds a lot of promise for nigerians and i remain hopeful but most of your points involves sectors that Bitcoin cannot near in nigeria for example the CBN.

    Hopefully, they will see the light but for now, they won't agree.
  12. Prezzy

    Prezzy GrandMaster Admin

    Any more ideas and tips on Bitcoins as regards development in Nigeria?

    Please share here
  13. Prezzy

    Prezzy GrandMaster Admin

  14. Prezzy

    Prezzy GrandMaster Admin

  15. odobekee

    odobekee Jackobian

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