@Olad
edited
Cryptocurrency Adoption In Nigeria.
Nigeria, the largest economy in the continent is facing a myriad of economic challenges. Recently, it overtook India as the nation with the chunk population living in abject poverty, almost 99 million of its over 200 million people. The following economic indicators in Nigeria buttress the point that the nation is facing a hard time economically: *Oil price: $23 from $65 per barrel. *Per capita income: $2,222 *GDP(Annual growth rate): 2.55%. *Unemployment rate: 23.1%. *Inflation rate: 12.26%. *External debt: over $65billion. Higher prices since the inception of the year, coupled with the effects of Covid-19 have been paving ways for greater adoption of cryptocurrencies in Nigeria. The uptrending, though started since December 2019. Only Ghana and South Africa are rivaling Nigeria when it comes to cryptocurrency affairs. Despite the desperate and irrelevant warnings issued by the Central Bank of Nigeria against the adoption of cryptocurrency, Nigerians are not deterred from trying to learn more about cryptocurrencies, trading coins and using them in everyday life. For example, trading volumes on localbitcoins.com are picking up again, reaching over N650m(over $1.82m) a week according to Coin Dance data. Cryptocurrencies provide an economical alternative to the fiat system, but to be a viable option a functioning trading and exchange infrastructure is needed. Luckily enough, Nigeria has a number of local platforms that offer services for buying and selling cryptocurrencies against Naira(watch out for this in my next article). As the major cryptocurrencies well known in Nigeria are Bitcoin(BTC), Bitcoin Cash(BCH), Ether(ETH) and Litecoin(LTC); with much popularity centered on Bitcoin and Bitcoin Cash following it, I need to mention the giant stride being taken by "Paychant", a payment processor that offers a cryptocurrency gateway for businesses to accept digital coins through instant conversion to Nigerian Naira, helping them to play safe against crypto price volatility. The platform currently supports BTC and ETH. In few weeks back, it erected Bitcoin ATMs at strategic locations of Lagos State as pioneering state. Merchants who want to accept cryptocurrency directly can download and install the "Bitcoin Cash Register" app. The POS(point of sale) software will allow them to process BCH payments. "With this accelerated trending in cryptocurrency adoption in Nigeria, the country can become a leading example of cryptocurrency adoption soonest than anyone can think of". [sponsors]
16 comments
Spread the message, there is a lot of people waiting in long lines to withdraw money in the banks. BCH can change your lives!
Thank you for encouraging me and up voting my article. Yes, BCH has a lot of work to do in Nigeria. The opportunities are great. I'll work on it in earnest.
Thank you for encouraging me to do more by spreading the good news about BCH in Nigeria. Yes, we have to decongest the banking halls.
Omg buddy that's really frustarting part that GDP rate, Economy, inflation and illetraacy rate are pretty much high in Nigeria. Thus, it's your duty to spread the message of BCH in Nigeria for the awareness of bitcoin.
That is the real situation in Nigeria. People outside think majority of Nigerians are enjoying, but reverse is the case.
I'm doing that in my own little way, but will intensify more efforts and strategies to ensure more results.
I hope that the people of Nigeria would adopt to cryptocurrency. I guess little by little if you introduce it to them, they will eventually adropt to it. I hope it would be introduced in a good way because here in the Philippines, whenever introduce crypto to the people they always think of it as a scam but I explain it to them. Thanks for sharing us your inputs and have a great day!
Of course, they would adopt it but it could be gradually as you've said. Thank you for the reply.
Nice one @olad. It really going to be of help as you've analysed , the growth of Nigeria economy will be upvoted if they could adopt it. Thanks
Thanks for your reply@rioelder. I appreciate it a lot. Without doubt, cryptocurrency will really help Nigeria's economy to grow if well adopted.
I really get inspired by your article.You are a great writter! I dont have ideas about cryptocurencies much! Hope I can learn here more...Keep it up.
Thank you for commenting on my article. I appreciate it a lot. It is an encouragement for me. Just subscribe to my article, you will be notified as soon as I write a new article.
I have learned a lot from this post.first i don't know about crypto currency. I think now i can get a idea from this post.Thank you so much.
Thank you for this comment. It is an encouragement for me. Just subscribe to my page so that you can always get alert for new post. Thanks.
Hard time for the economy of Nigeria. In this pandemic condition economy of about all countries will be fallen down. We have to pray to our GOD for betterment of this condition.
It is terrible in Africa. Nigeria is just living by old glory. Only God can help the citizens. Your reply is appreciated.