Bitcoin is becoming the next big thing in Nigeria by the look of things, as there is a growing demand for this cryptocurrency in the past few weeks. Part of this success comes due to economic policies by the Nigerian government, which is rather surprising.
Why Is Bitcoin So Hot In Nigeria?
Over the past twelve months, there has been a lot of talk regarding using Bitcoin in Nigeria. Foreign exchange options are very limited or banned by the government, and Bitcoin offers a more than welcome alternative to access financial tools without too many headaches. Additionally, the cryptocurrency lends itself perfectly for remittance services, an industry which has always been popular in Nigeria and other African countries.
Western Union is the clear market leader as far as remittance is concerned, but their outrageous fees and lengthy delivery times are causing much dismay among Nigerians. Bitcoin is a lot faster, as both sending and receiving funds takes a few seconds, while reducing the transaction costs by a significant margin.
So far, over US$1 billion has been invested in Bitcoin infrastructure for Nigeria, which is quite a staggering amount. Startups, payment gateways, and mobile applications all let users manage Bitcoin balances on the go, and there does not seem to be an end to the growth in sight anytime soon. Nor should there be, as consumers and enterprises should be free to do as they like as far as Bitcoin is concerned.
Nigeria is not the only region in the world where Bitcoin usage is increasing year over year. Ever since the cryptocurrency became more than ‘just an investment vehicle”, both consumers and investors have taken a liking to this concept. Additionally, more and more companies accept Bitcoin as a payment method, making the trend even harder to ignore.
Perhaps the biggest selling point for Bitcoin in Nigeria is not just how consumers see it as a different form of money, but also how the lesser volatility provides a way for them to make additional money. Although Bitcoin has become far more stable as far as the price is concerned, there are still opportunities to make a few Naira on the side.
Source: BTC Mag
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