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The Truth about Bitcoin in Nigeria

I am wary of any opportunity to make easy money in Nigeria, as experiences have taught us to avoid get-rich-quick schemes, or face the ultimate certainty of losing your investment and profit.

Schemes like MMM, Diamond Cash Club etc. lured Nigerians into investing by promising to generate huge returns without any justification or reason for the perceived boom until the burst of the Ponzi scheme. Similarly, Bitcoin has experienced a boom in Nigeria but unlike Ponzi schemes, Bitcoins are still in use and accepted.

Bitcoin in Nigeria
Bitcoin in Nigeria

The creation of Bitcoin by the originating community was in response to the 2008 financial crisis and the principle behind this action was a strong libertarian and anti-establishment spin; in many ways this was similar to the open-source culture, with strong anti-commercial values.

In Nigeria, Bitcoin adoption was in response to the 2016 financial crisis, which limited international trading due to the insufficiency of foreign currencies. The common factor for Bitcoins in both Nigeria and the USA is the isolation from financial crisis and that it serves as a great medium for exchange during these times.

The implication of this trend is that while currencies are at the risk of government interferences, Bitcoin does not follow this trend. Thus during financial instability Bitcoin becomes more viable in the country. In Nigeria, Bitcoin primarily serves as an alternative investment opportunity that is not under the influence of any economic pressures or uncertainty.

The great thing about Bitcoin in Nigeria is that it is easily accessible and with the use of a debit card or bank transfers, users can easily purchase or sell Bitcoins at their convenience. For more information, visit Luno for details.

 


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Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.