Bitcoin in Nigeria becoming a great currency adoption

crypto exchange

Recently the adoption of bitcoin in Nigeria, Africa and the rest of the world have become so significant, and have been adopted by organizations, nations as means of payment.

About 15% talk or trade bitcoin in Nigeria. The importance and significance of crypto currencies cannot be over emphasized with various crypto currency emerging by the day.

bitcoin in nigeria
Bitcoin in Nigeria attracts more interest than any other country

Among all the cryptocurrencies Bitcoin has kept increasing in worth and evolving by the day.
Research has shown that over 42 million Bitcoin wallets are in existence currently. It is pretty amazing how Bitcoin is taking over in this digital age in most countries around the world.
Nigeria as a country is not left out in this evolvement, with Nigeria leading with over $34.4 million and has been rated to have attracted more Bitcoin interest than any other country of the world.

Also Read Ethereum becoming the Best Cryptocurrency to invest in 2020

Bitcoin In Nigeria

Individuals and groups in Nigeria are directing their attention to bitcoin and it has helped so many groups as well as organizations.
Notable bitcoin in Nigeria has been made visible among the feminist coalition group that has been the cheerleader in the #ENDSARS peaceful protest by youths in Nigeria over the end of police brutality.

bitcoin in Nigeria
Feminist Coalition group raises funds using Bitcoin

This group decided to switch their attention to Bitcoin donation with the support of Jack Dorsey, Bitcoin Advocate, and co-founder of Twitter when they noticed the slow pace of transfer of fiat currencies which couldn’t be traced.

They were able to raise $126,000 worth of crypto and 9.9 Bitcoins to cater to the need of Nigerian youth during the #EndSars peaceful protest all over the country. This was achievable because of Bitcoin and how accessible it can be to anyone around the world.

bitcoin in nigeria

Bitcoin in Nigeria has unarguably made its mark in various sectors of the economy. It has helped made transactions between individuals or groups in Nigeria and outside Nigeria easier. Nigerians have been able to send money to people outside the country to be converted into their own currency.

With the number of Bitcoin users rising in Nigeria, it is important to state some of the features and importance of Bitcoin to its users.
It is of note that Bitcoin is not controlled by any financial institution thereby giving individuals across the country access to it. Users thereby have access to coin without having to consult middlemen such as Bank.

In addition, the traceability feature of Bitcoin is worthy of mention. It is secretive in nature as it is impossible for Bitcoin to be traced to its owner. It is in no way similar to fiat currencies that are linked to their owners via Account names and numbers.

Likewise, users of Bitcoin are able to make payments for any goods and services via mobile phones and computers anywhere in the world. This is all possible because of its mobility feature.

Also, it is devoid of the regular banking fees popularly known as Bank charges that are peculiar to fiat currencies which are usually deducted from each transaction made. In the case of Bitcoin, no Bank charges are required for transactions within the country and charges are less for international transactions.

Another distinguishing feature and important benefit of Bitcoin is that it is the same all around the globe. Unlike fiat currencies that differ in their value of exchange around the world.

In light of this, Various trading sites such as paxful, crypto, Buycoins has made themselves available for groups and organizations to buy and sell bitcoin and other crypto currencies.

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