Bitcoin is always great as the default option when things go awry, but there has to be a substantial input into the infrastructure and acceptance of Bitcoin. It isn't often used as an exchange for goods and services as I've seen in the IRL marketplace and that should change.

Was wondering if this is the case, then how are they going to use the fund they will get? And if the government finds out that his is happening then they will just immediately act on this one preferably banning the use of cryptocurrency especially bitcoin, then they could just arrest every protesters they see on the streets. I don't see anything wrong about this one, but a movement against the government? I'm worried about crypto's state in Nigeria

Had to group the posts together so I can reply at once since the questions were kinda similar.

Aside from the fact that binance offers NGN (Nigeria's currency) withdrawals using Flutterwave's API, Its only one of many ways crypto users in Nigeria can convert the funds to their bank accounts. Binance only introduced that feature earlier this year. Before then, we used (and still use) P2P platforms like localbitcoins, paxful or even remitano to process crypto payments back to local currency.  There are also blockchain startups emerging from Africa that processes crypto payments like Buycoins.Africa


People also trade with their friends and dealers too. My point is, converting from crypto and back isn't much of a hassle. Also, It'll be hard for government to track these payments made from p2p platforms and dealers and they are look like "normal" back deposits withdrawals.


Nope. As a matter of fact, Nigerian SEC recently declared bitcoin as a "legal security" : https://bt.irlbtc.com/view/5275844.msg55196809#msg55196809

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Thanks for your concern everyone. The issue has now been cleared. Apparently, Flutterwave wasn't shutdown by the CBN as earlier reported (they didn't say what happened too). However, it gives me joy to know that a lot of Nigerians are already aware of the bitcoin and its mission. It wouldn't be long now before it becomes the de-facto currency for the youths in the country.

The good thing is people now know that crypto has a lot more to offer than just regular price swings.

By the way, thanks for all your concerns.

Good move by nigerian people on degrading bank service and instead using btc for options to bank. However, I do think they still need bank service for whenever you will going to buy bitcoins the easiest way to obtain it is through money transfer from bank to cryptocurrency exchange or to directly to you wallet where there is a wallet for fiat currency.

So, whether we like it or not bank for bow bank service is needed unless nigerian people had taken already steps to get bitcoin without using banks service.

Feeling good to hear that Nigerian people have deep thrust about bitcoin and its use. Rather than Europian countries it seems to me that African continental countries are trying to make the best use of bitcoin. Specifically a large number of people from this continent are engaged with crypto currency trading and using bitcoin on their everyday life for completing transactions.

All i am seeing here Nigerian people are making a good move and gradually it will cover the entire African continent like the wave of mobile banking system is connecting most countries there.

Yeah,,,,thats the best part. Nigerians people's knowledge about bitcoin is increasing superbly and their recent protest is the clear sign of that. Now it is governments turn to provide supportive service for their citizens which can easily boost up their national economy.

They might have been aware of the existing of bitcoin and they have this plan if ever the CBN has to freeze their bank accounts as a counter-attack for the protesters.

I'd like to know too how exactly they will do it. One strategy that I'm thinking is they're using silent supporters to help them get the cash that has accounts free and has not been part of the sanction.

The recent events in Nigeria seem to be inhumane and mostly power-tripping from corrupt officials. Why would they lead to the arrests of innocent, and kinda well-off youth who are just trying to make everything better in their lives? Good thing people there recognize that bitcoin is free from such controls and closure of accounts from the government, though the main question next is how would they convert these coins into their currency for the bailouts? I'm sure they got it covered but it would be nice to know even just from a vague description on how they do it.

The whole world is getting to a point wherein people will learn to deviate from traditional things and ways as the government forces them to do so.

On the positive side, Bitcoin is indeed becoming a tool for freedom to a lot of Nigerians in their struggles right now. It is also a good thing that Bitcoin is considered legal, albeit as a security, in the country. That helps Nigerians to easily access and use it.

However, on the negative side, is it not possible that your unreasonable country will also start clamping on Bitcoin for noticing that what they falsely label as criminals or criminal activities are now associated with Bitcoin?

The protest going on for days now isn't just against police brutality, the youths are fed up of bad governance, corrupt politicians and unemployment. They came out in numbers to protest. You can feel the bravery in their unionism against the cancerous system of government. It is as result of this peaceful protest we have realised the government can actually listen to what we need and demand for.