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AllAfrica InfoWire (Washington, DC)
Today, every country is making success in the cryptocurrency ecosystem. Its roots have expanded all over the world. You must think about what is a cryptocurrency and what it does? Cryptocurrency is a decentralized online system that uses cryptography to secure and maintain the verified transaction.
It is digital cash that is based on blockchain systems and technologies related to it. Cryptocurrency is making its mark in a few top countries in this advanced world but has expanded across the globe. And now, almost every corner of the world is well known with Cryptocurrency, its benefits, and the system on which it works.
In Nigeria, Cryptocurrency is also immensely flourished and well-recognized. Almost all the financial markets and people involved in business utilize this term and earn way more profit than plain money. It has become the means of success for Nigeria.
However, every story has two sides, and so does Cryptocurrency. Now, the technological world is getting more technical and sharp, due to which most of the online fraudulent activities and scams are connected with Cryptocurrency somehow. Well, these scams and frauds can be eradicated when cryptocurrency users trade with reliable and trustworthy trading.
One of the most evident trading platforms is bitcoin power app. By investing and dealing with the platform, cryptocurrency users get the security of scam-free cryptocurrencies and get decent profits. So, it is always safe to switch to the unimpeachable cryptocurrency trading’s and platforms.
Dominating Cryptocurrency in Nigeria
As discussed, Cryptocurrency now has its roots everywhere. Nigeria has also succeeded in the cryptocurrency field. More than 1000 cryptocurrencies in Nigeria are immensely reliable, and every Nigerian can trust them.
However, Bitcoin has technically proved to be the most dominating and widely used Cryptocurrency in Nigeria. It is recognized as the most popular one of all the technical assets in Nigeria.
Bitcoin and its working
When we talk about Cryptocurrency in Nigeria, the first thing that comes into the Nigerian’s mind is Bitcoin. Bitcoin is well-recognized among Nigerians. Bitcoin is a sharp currency that intelligent and forward-thinking engineers design. It aims to eradicate the need for a bank, credit cards, fee transfers, and many more good things.
Nigeria – A true bitcoin nation
At present, Nigeria is emerging as a real nation that uses Bitcoin most efficiently and wisely. Three specialized Nigerian communities struggle to enhance its adoption and secure the bitcoin in Nigeria.
• Campus BCAT (Blockchain cryptocurrency awareness tour)
• SIBAN (shareholder in blockchain association in Nigeria)
• A self-governed community
Africa’s other gigantic economy Nigeria has embraced the cryptocurrencies with open hands due to many benefits. In 2016, when the MMZ scheme was introduced in Nigeria, Cryptocurrency was the beginning of Africa’s economy. These Ponzi schemes got fiercely popular due to every month’s unrealistic return agreement. This news was widespread like fire in a forest, and thus Nigeria became the top country highest volume of bitcoin search.
However, when there was a shutdown of Ponzi, Nigeria started to face the sudden fame loss due to the Ponzi scheme’s closing. Moreover, this scheme was shut down with a considerable amount of people’s debt. This painted Nigeria as a fraudulent country and decreased the fame of Nigeria to a great extent.
In Nigeria, Cryptocurrency is exceptionally popular due to its Peer-2-Peer trading. Some cryptocurrency users in Nigeria considered P2P a better option. However, there are some problems related to P2P, such as high trading rates above the general financial market. Due to this reason, different exchanges Nairaex, Paxful, and many exchanges became more reliable.
Benefits of bitcoin
In Nigeria, bitcoin became a huge blessing because of many benefits given as follows:
- Unbanked population in Nigeria
In Nigeria, almost half of the population is unbanked and cannot afford the proper money transaction. In such cases, bitcoin helped millions of people by trading the money to eradicate the bank’s use.
It has been found that, unlike other customary money trading methods, Bitcoin is way easier and cheaper to use. Also, it provides the fastest way to trade the money without causing any fuss.
- Easy to buy
While using bitcoin, the cryptocurrency user has hundreds of options that they can use to buy bitcoins. To make the long story short, bitcoin users do not face the problem of buying it in an affordable range.