Nigerians runs to Bitcoin for safety in the failing economy.

Surprisingly, Bitcoin has gained so much popularity in Nigeria though the volatility the cryptocurrency experienced in the last year not withstanding. The state of the country’s currency and economy may have stimulated the increased adoption. Meanwhile, the government has been working on the Naira to protect it from losing its value further for a sometime now.

Though the main aim of backing up the country’s official currency was to cushion the effects of inflation but this did not go as planned. This situation affected Nigeria’s foreign reserves as it was the first to face the economy crises as foreign investors tried to stop their losses, in that process they are abandoned almost all their stocks and bonds immediately which brought about the stock market crash of some years back having effects till now.

Secondly ,the extreme measures taken by the government like managing the demand for foreign exchange as an the only option to curb the inflation that has hit the polity. Since the nation is not positioned for this, recession had to set in and businesses nationwide were seriously affected in the long run.

From the fore going, many people came to the knowledge of how worthless their assets are due to the state of the Nigerian economy. Most people started having another thought on the kind of assets they were accumulating and spending money for little or noting.

This situation became worse with the Nigerian banks imposed limit on the amount of money a Nigerian could spend abroad. This definitely became a big problem for lots of importers whose mainstay was importing from advanced countries to Nigeria and with this limit arbitrarily imposed, there is no way it will be easy to their international business.

They needed easy access to forex so they could pay their suppliers or they would be cut out of business entirely. Presently many international businesses has been left with the option of seeking solution with the black market for foreign exchange at a high price which is higher than the government approved price from CBN.

This is not convenient at all as it also ultimately affect the prices of these goods. Now they entrance and adoption of Bitcoin made it with two options, either pay higher prices at the black market or embrace the new technology of Bitcoin transaction which is the trend right globally now.

Most Nigerians has chosen Bitcoin. It was not only a lifesaver to most Nigerian entrepreneurs in their time of need, but it also opened a various opportunities for quite a number of people as well.

Now, the adoption and using Bitcoin as a means of payment is the preferred option for most importers as it has reduced the forex buying stress involved and also the volatility of the currency -naira. Transfers now could be made with lower amount than it used to be to any country of their choice and faster too.

Benefits of Bitcoin

The benefits of using Bitcoin as a mode of payment in Nigeria are countless, just as it is being structured generally.
Some of the benefits are:

• Bitcoin transactions conducted on the Blockchain are secure, transparent and cannot be tampered with. There is fraud control to the barest minimum

• Bitcoin is very fast to transact from person to person. That is it can be transferred from one party to another in a matter of minutes.

• There’s no central control. No intermediaries or middlemen dictating mode of operation or that regulates or limits the amount of Bitcoin you can buy or sell.

• Bitcoin can be transferred anywhere in the world. You can transfer Bitcoin from Nigeria to a supplier in China or anywhere in the world without stress or restrictions.

• Transfer fees are relatively lower than what banks charge.

• There are many options for you to purchase Bitcoin with. You are just required to do is to select the one that suits you best.
Despite the benefits Bitcoin has to offer, there exist issues on how to avoid countless cryptocurrency scams that are affecting the crypto world. All Nigerians want is a secure and trusted platform to buy Bitcoin with Naira.

There exist a lot of good platforms on ground already assisting lots of Nigerians as the transact with Bitcoin on daily basis. Many of such platform with the best bitcoin trading platforms/exchange in the world. The features of the platform is quite adequate and easy for the average Nigerian who does not know how to buy Bitcoin. These exchange platforms uses a P2P method where you don’t have to buy Bitcoin from a central authority but from your fellow peers as is the usual case. To buy Bitcoin in Nigeria has become very easy whether it is through cash deposit, bank transfer, Paypal, Amazon or iTunes gift cards.

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Credit: C. David

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