Why Nigerians Are Embracing Bitcoin

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The crypto market has been making waves in Africa in recent years, and Nigeria seems to be Africa’s king in Bitcoin. In fact, latest Google Trends data reveals that Nigeria is the country with the highest number of bitcoin searches globally.

According to the data, Nigeria had a search score of 100, a figure which doubled that of its nearest rival, South Africa. Behold reasons why interests in Bitcoin and its adoption is thriving in Africa’s most populous nation.

Ease of Use:

Bitcoin provides easy, fast, cheap and secure means of making transactions as well as give you complete control over your money. Through bitcoins, you can buy goods and services globally online. The average Nigerian knows how tedious it is to complete transactions, especially across borders, via the traditional banking system. With the bitcoin system, you can easily send and receive money across borders within seconds and with low transaction fees. Any Nigerian would choose this over long queues and ridiculous paperwork at any institution. With Bitcoins, There is no limit or boundary for the people. Everyone can now save money by themselves and become their own bank by using secured bitcoin wallets.

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Not Controlled By Government or CBN:

There are no higher authorities that control Bitcoin and the probability of having that power in the future is almost zero. Therefore, it’s the purest form of assets available in today’s world that it is safe from government control and presents freedom to investors. This explains its global adoption and points why Nigerians who are haunted by government monetary policies and restrictions are quick to embrace bitcoins.

Currency of the Future:

There are growing concerns that Fiat currencies could become obsolete because they don’t seem to be the solution to modern-world problems anymore. Using fiat money also means taxes and more worries. However, with the adoption of bitcoin, all such problems will eventually go away. As bitcoin brings the solutions that we need, it could be the future of money.

What’s more, a recent decision by the United States government allowing banks to make payments with stable coins points to a growing trust among governments and could see cryptocurrency gain more footing as legal tender in several countries in the coming years. Its true potential is yet to be fully explored as a lot of innovations are coming up.

Store of Value:

Nigeria is the most populous country in Africa and the continent generally struggles with inflation and devaluation in their currency. Considering the trend of Naira devaluation, Nigerians have figured out that they will need the crypto market to help preserve the value of their money in the long run.

Potential Increase in Value:

More and more people are ready to invest in bitcoin once they see the benefits that come with bitcoin. This is a very good thing for all the bitcoin investors. As the demand for bitcoins increases, the value or the price of bitcoin will also increase. A lot of businesses and people see bitcoin as the ultimate solution to their problems of handling money. This attracts both small and large businesses to allow payments with bitcoin.

Pacesetter:

It is important to know that there are cryptocurrencies other than bitcoin. Other cryptocurrencies that entered the crypto market after Bitcoin might offer significant benefits to their users by using new marketing tactics. However, bitcoin is the first-ever cryptocurrency and still the most popular out of all cryptocurrencies.

Being the first one in the market gives bitcoin the ultimate advantage over the rest of the cryptocurrencies that are still trying to find their way to the top. While others struggle to win people’s trust, bitcoin has already proved to be a reliable and secure cryptocurrency.

Learning about Investing is Easy and Free:

Conventional investing requires us to spend years in order to learn about investments. Someone can’t just get some clothes and start selling them in a single day. Similarly, it wouldn’t be ideal for a beginner to enter the stock market and try their luck. Spending so much time to learn about traditional investments will make it difficult and very expensive.

However, learning to invest in bitcoin and making profits is very easy. You will find most of the things on the internet and with the help of a good platform you can enter the crypto market. It takes much less time to learn about investing in bitcoin compared to other investments.

 

Editor’s Note: This content is for education, not an endorsement of bitcoin or otherwise.