We are living in the age of cryptocurrency. Finance is moving far beyond physical or fiat money and is arising in digital ledgers. It’s all about blockchain, and Bitcoin, in particular, is taking the world by storm. In Nigeria, BTC’s popularity is growing exponentially, too.
But why is this? Nigeria has become a capital for BTC at the time of writing, a genuine hotbed for trading. Despite the economic downturn in fiat currency in the country, many nationals are flocking to crypto. For the most part, this choice does appear to be working wonders.
The People Fight Back
The rate of inflation for the Nigerian Naira is skyrocketing. Fiat currency (traditional money) in the region is inflating at 18%. That, naturally, helps to devalue the genuine value of the money trading hands. Thus, many people are flocking to currencies of higher transactional value.
What’s more, there is a soaring demand for USD in Nigeria. USD is one of the strongest currencies on the planet as it is used so widely. It’s a favoured option amongst forex traders, for example. However, Nigerians may not always have access to the American Dollar.
Therefore, some argue that people in Nigeria are fighting back against inflation by using BTC as a gateway to USD. Others say that the borderless and restriction-free nature of Bitcoin just makes sense.
Statistics show that Nigerian interest in BTC and crypto, in general, is not slowing down. Around a third of the population trades in it, research suggests. That’s an incredible cross-section.
You can use Bitcoin all over the web and even in physical locations. That goes for grocery stores, on games at bitcasino.io, and even for some everyday emergencies. Why is Nigeria getting into this more than anywhere else?
Will These Trends Continue?
As a result of the soaring popularity of Bitcoin, Nigerian authorities have sought to clamp down on trading. However, take-up is thought to be exploding at around 19% more each year. This data reflects change annually from at least 2017.
Despite authorities’ intentions to restrict crypto in the country, Nigeria is still free to trade. The pro-activist spirit behind crypto also fits in perfectly with recent funded protests against police treatment. In fact, Bitcoin helped to pay for a large chunk of the EndSARS campaign.
However, this uprising in financial rebellion hasn’t gone unnoticed. The Nigerian state is continuing to take a dim view of crypto concerning zero regulation. However, that hasn’t stopped continued adoption and trading inside the country.
The passive nature of crypto has also allowed Nigerian citizens to make money quickly and freely. Problems facing the Naira mean that people have to work harder to make a living. What’s more, the freedom of zero regulations with crypto means that traders in Nigeria can send and receive overseas. There’s no need for red tape, and there are no restrictions concerning processing time.
The Future is Bitcoin Funded
Despite the volatile nature of Bitcoin and other crypto, Nigeria is unlikely to turn away from BTC. Therefore, while the government and finance regulators may continue to set up barriers, interest likely won’t wane. In fact, it may only be a short time before the majority of people working in Nigeria are using BTC.
Bitcoin has a way to travel before it is accepted as legal tender everywhere. However, despite protestation and regulation tightening, crypto is helping to offer new leases of life to millions in Nigeria. Could the revolution begin here – and in fact, spread continent-wide?