Why Nigeria Is a Global Leader in Bitcoin?

Bitcoin has been under the critiques of volatility since the crash the crypto market has experienced. Many shared their negative experiences of the platform while some kept defending bitcoin as well as the entire cryptomarket. One major takeaway of all is that Bitcoin might differ in function as a currency in different countries. For example, more and more people intents to buy bitcoin in Nigeria.

more and more people intents to buy bitcoin in Nigeria

One recent example is from Nigeria where cryptocurrency is heavily used to an extent that the crypto market takes over the forex market, one of the most liquid and active markets. A Twitter user shared his life story regarding how Bitcoin twisted his financial difficulties into a benefit. 

He said that he had a different view of Bitcoin as a Nigerian in comparison with those from the US.  The name of the user is not anybody but Bernard Parah, the CEO of Bitnob. On Thursday, he tweeted describing the details of his monetary difficulties and how he took advantage of Bitcoin to solve these issues. 

He mentioned the strict monetary controls in his country as an example. He was able to go abroad to work and unsurprisingly he sought to send money to his mother.  However, he lost ridiculous amounts of money as a cost of the transaction. Despite the high fees, the money was not received on time either. In case of emergency, he was not able to help his family even though he had the means.    

Furthermore, he experienced how he was not able to use his card to purchase anything more than $100, which is a challenge for someone living in Europe or the USA. In his country, he could not buy the PS5, which is perhaps a minor problem but it is a great example of how one cannot spend their own money, something not imaginable in the USA. 

At this point, Bitcoin was a charming opportunity to solve his payment problems. He did not have to wait for his transaction to be completed with Bitcoin opposed to the case of banks where you have to operate within the banking hours and provide personal information in the process.  Bitcoin functions regardless of borders or hours of operation. 

Thus, inflation and money fluctuations are inevitable complications in countries with strong native currencies. Not being able to do a small payment because of the devaluation may come rather surprising to any developed economy citizens. Nonetheless, it has been quite a familiar concern for many from emerging economies like Parah.   

Parah’s tweets implied the control of financial institutions as another dimension of the mentioned problem. In many cases, we have to store our money in bank accounts and they have full control over our money. They might block it for your donation activities. Many young people in Nigeria experience such restrictions in their freedom of speech and expression. He said:  “If they own the money, they own you.”

According to Parah, today, the internet has improved all around the world leading us to become a part of the prosperity shared on the internet. We enjoy using digital currency to trade with the world and grow into global citizens. Together with various important points in his tweet thread, he highlighted the significance of crypto for Nigerians. Considering this situation, it is not surprising that more people buy bitcoin in Nigeria. For many, the internet provides digital money and that’s it, as he expressed. What Nigerians see is a shot at freedom and prosperity which they are not willing to sacrifice.    

SEE ALSO: Why Bitcoin Volatility Is Not a Problem

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