(3 minutes read)
· Nigeria has become the second-largest Bitcoin market in the world after the United States, according to a leading Bitcoin trading platform
· There are reasons for such instruments to become popular in Nigeria. Global payment gateways like Paypal has limited operations in Nigeria since doesn’t allow payments into the country
· Therefore for making international payments, Nigerians will have to depend on Blockchain technology
Nigeria has become the second-largest Bitcoin market in the world after the United States, according to a leading Bitcoin trading platform. There are reasons for such instruments to become popular in Nigeria. Global payment gateways like Paypal has limited operations in Nigeria since doesn’t allow payments into the country. Therefore for making international payments, Nigerians will have to depend on Blockchain technology. There are other African countries in fray in block chain technology such as Kenya and South Africa.
Nigeria has traded over 60,000 Bitcoins valued at more than US$560 million in the last five years or so. Transactions under the block chain technology are less cumbersome and global in its reach as the database is stored as blockchains can facilitate transactions anywhere in the world. Also, such transactions can take place without the intermediation of banks and middlemen. Transactions can take place any time on the day and one need not wait for the banking time and working days.
Bitcoin also can be cheaper as banks and international platforms can charge high fees for transactions. Crypto currency also can protect the user against inflation, wherein the local currency would tend to lose its value with every bit of of inflation, since it is not regulated by the government.
