Nigeria Ranks Top in Online Search Volumes for Bitcoin Worldwide
Latest Trends as of April 2019
Lagos, Nigeria, as shown in the recent Google Trends as at April 2019 indicates that it is the number one city based on online search volumes for Bitcoin worldwide.
Other African countries / other countries coming closely behind Nigeria are as follows shown below:
• St. Helena
These latest countries say a lot about the high level of interest in cryptocurrencies across the African continent. Though this may not indicate a more tangible adoption of blockchain technology, this is as a result of the economic crises existing in Africa and the youths are getting frustrated and they are looking for alternatives to meet up with their wants.
Unemployment Could Be a Driving factor
The search for alternative source of income is one of the major driving force as young graduates in Africa and Nigeria especially are faced with only few opportunities. This can make Bitcoin very attractive as the search for alternative income increases.
Lack of proper payment mechanism for international transactions is another striving force for bitcoin use in Nigeria. A recent discussion with the CEO of Paxful, a Bitcoin exchange, which has its second largest number of client coming from Nigeria, has given a practical view on Bitcoin has opened a new avenue for young in the country to do international business transactions with ease.
Most of the people in are unbanked which is another possible reason for the widespread interest in cryptocurrencies in Nigeria . The huge number of people are the unbanked on the continent. For example, In Nigeria, only 31 million people have bank accounts with over 60 million classified as unbanked, according to the 2017 World Bank Global Findex Database Report. Nigerians have active Internet subscriptions , over 120 million Nigerians have mobile internets there by making access to mobile payment methods like Bitcoin becomes very attractive.
This situation is not only unique to Nigeria alone. In Kenya, for example, over 99.3% of all bank accounts have less than Kshs. 1 million (Approx. $10, 000). This situation is likely the same across other African countries, making access to mobile financial services highly attractive and aids in adoption of Bitcoin.
There is high interest about cryptocurrency use .Africa is no doubt poised to adopt emerging technologies like Bitcoin. With enough education to help people understand these newer technologies and the underlying blockchain technology, the interest and adoption of crypto is only going to rise on the continent with time.
Credits: Global Findex Data reports,JOIN OUR COMMUNITY