Why Nigerians Should Invest in Bitcoin - THE NATION
NOVEMBER 20, 2020
As the world continues to learn more about investment options, bitcoin has also been making the news among other cryptocurrencies. However, in a developing country like Nigeria, awareness seems to have just kicked off recently. More Nigerians are beginning to embrace new investment opportunities while taking their finances more seriously. Thankfully, there are now apps and software such as the bitcoin loophole official that makes the process easier than ever. With these tools, anyone can get started with bitcoin even as a novice.
Bitcoin trading in sub-Saharan Africa has shown tremendous growth, especially with the trends in the last three years and Nigeria is not left out. Nigeria is the country with the largest market for any form of investment at all in sub-Saharan Africa, and bitcoin trading stands a huge chance here. This is especially considering the inflation in prices of goods and services in the country and also the devaluation of money over the years.
The Nigerian currency doesn’t seem to be getting any better and to save themselves, many individuals and businesses are gearing towards a deflationary currency such as bitcoin. There are other benefits of using bitcoin that Nigerians find appealing. This includes the ease in cross-border transactions, as it takes only a few seconds with low charges, compared to using the traditional banks that will require more time and charges.
Also, bitcoin transactions can’t be traced back to the sender or receiver, which many Nigerians would love. It is also an easy way to convert your money and send it to countries with other currencies. For example, you can easily exchange your naira for bitcoin in Nigeria and send it to a friend in the US or UK who can sell it to get their local currency. There are also several businesses today that are beginning to accept bitcoin as a payment option, which means there are more opportunities for you to use bitcoin.
Just recently in the EndSARS protest that gained global recognition, bitcoin played a huge role in the success of the protest throughout the country. As accounts got frozen in the course of fundraising, protesters had no choice but to resort to bitcoin payments. Bitcoin is a decentralized currency, which means it can’t be monitored by the government or any authority, thereby making it easier to collect donations across the world with no hassle.
This protest raised more discussions about the efficacy of bitcoin and its use in Nigeria. Some Nigerians even started seeing it as a sustainable method of payments, in the long run, considering how helpful it was at a crucial time like that.
The future of the Nigerian naira doesn’t look promising and Nigerians are constantly looking for a way to escape this constant devaluation. While the country might be working on ways to make the currency better, some young people are leveraging on other options such as bitcoin trading. Investing in bitcoin looks promising in the long run due to its track records and the benefits it has to offer. With more awareness about crypto in Nigeria, there will be more people gradually taking a step.