The Internet is one of the most remarkable inventions that has connected people. Within decades it has attached people globally. In this context, one of the greatest inventions is that of bitcoin. It has also connected people through financial transactions without any central authority.
Over the years, bitcoin has made awareness worldwide and many people have tapped into it. Millions of people have saved their money in the form of cryptocurrency. Nigeria like other countries has dived into it. It is the largest market for bitcoin trading in Africa. Bitcoin trading in Nigeria has protected the currency’s devaluation as well.
Why Bitcoin?
The most common need of bitcoin came to perform cross border transactions. It has become very feasible with bitcoins. Cryptocurrencies have become middle parties. People can easily exchange naira for bitcoin and that bitcoin then reaches the desired destination.
For instance, if you want to exchange and send money to someone in America. Then you would buy bitcoins for naira and then these bitcoins will get exchanged into dollars to the required recipient. Wow! How easy it has become! No need for those formalities that took months to exchange money. Those traditional methods are not compulsive anymore.
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Accelerating Use by People:
The crypto space is growing and the Nigerians are keen enough to create enough to produce better experiences for the users. They are trying their best to educate people and creating a thousand better opportunities to use.
They have developed the first layer that is called the marketplace. Here people can easily buy or sell bitcoins with fiat currency like naira. There are many locally-built exchanges like Buy Coins, Busha, and many more. Whereas people get advantage from many international platforms like Binance, Bitcoin bank, and many others.
Moreover, many trading occurs through private chat groups including Telegram, WhatsApp, and so on. These platforms are not that safe. Many people avoid these because large business transactions cannot be carried through such informal channels. There are many vendors for a single transaction.
Use of Crypto Powered Apps:
People have been introduced to many apps that help in trading. They keep the person updated with the fluctuations in the market and help with multiple strategies to trade. They do not provide such services that directly solve the exchange problems.
Apps rather use the marketplace to carry money exchanges across the borders or other payments. They are built to be discrete. The users hardly know what is happening behind those transactions. People know is what the app helps them in. Such appropriate apps have helped many to become successful.
Do we Need More Improvement?
Obviously, even if people in Nigeria are trading within hours and becoming kings of their realms but still improvements are to be made. Many people fall for the scams and resultantly that causes huge problems. It is the need of time to upgrade the security systems for the users of the bitcoin. Improved usage means more people entering and that would increase the economy.
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Educational Training:
There are many newbies that do not know how to buy or sell bitcoin. Even some fail to buy the basic assets effectively. As a result, they get victims of the scams and fail. Such people give a culture of disinterest to the others making them less motivated.
There is a need in Nigeria to publicly create awareness about the bitcoins to the people. Such public domains will give accurate information. Platforms should be created where people can learn about bitcoins stepwise.
The government should take this seriously and bring talented people forward to solve problems in the technology space. They should motivate the youth to get educated. Competent people for blockchain experts can flourish bitcoins more in Nigeria.
The next years will favor Crypto and so Nigeria should be ready for it. Though the success in this domain has made many millionaires in Nigeria more effort is required. People of all ages and the youth should take interest and start trading. Our future will produce gems that would invest, trade, exchange!
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