Nigeria is the leading nation in terms of interest and adoption of bitcoin (BTC)—the top digital currency on the crypto market since 2009—out of all countries in the vast continent of Africa.
One of the many reasons why Nigerians buy bitcoin is that this innovative form of money has been effectively breaking new grounds of opportunities and markets in the region. Let’s take a look at what some of these are.
1. Nearly half of Nigeria’s population remains unbanked.
According to the 2017 Global Findex database, 4 percent of Nigeria’s population still has no access to financial resources and services. The Central Bank of Nigeria noted that there are 60 million people financially excluded from participating in daily transactions.
With cryptocurrencies like bitcoin, monetary transactions are more accessible as they aren’t limited to traditional financial institutions and commercial banks. Bitcoin is digital money and has no physical form. It is stored, received, and spent using a digital wallet that is accessible through personal computers.
The use of mobile internet in Nigeria is particularly widespread, and bitcoin does its wonders of reaching the unbanked through the use of smartphones and the Internet. Checking wallet balance and buying a small amount of bitcoin—and even huge fractions—can also be made on the go, as BTC wallet and platform applications are available for mobile devices connected to the Internet.
2. Sending money using bitcoin is easier, faster, and cheaper.
During the first quarter of this year, Nigeria saw a significant increase in remittance inflows, which is assumed to have been affected by global economic growth. Since a huge chunk of the country’s population remains financially excluded, sending money outside the country can sometimes be challenging.
Aside from the problem with accessibility to banks and other financial service providers, there are also concerns about the amount of fees and the length of processing times required to send funds internationally.
Bitcoin has a fair share of resolving this dilemma through its powerful technology and reliable network that run its processes and operations. Since it’s programmed to perform operations automatically—which means less workforce and operational resources—transactions are cheaper, more efficient, and nearly instantaneous. If you are looking to perhaps have a more indepth comparison between cryptos, Crypto Head has some information on that.
3. There’s a long list of things you can use to buy BTC.
For those who aren’t very much interested in or familiar with the crypto world, bitcoin may seem intimidating or complex, which then translates to the idea that it’s also hard to acquire and use. Here’s a big revelation: while it’s true that bitcoin sounds overwhelming at first, acquiring this innovative form of money is not hard at all.
In fact, there’s a growing list of things you can use to buy bitcoin. This includes precious metal like gold and other valuable items you can possibly think of—you’ll be surprised to learn that you can trade the stuff you have inside your home and be a bitcoin holder in an instant.
4. There are thousands of things you can buy with bitcoin.
We’re slowly transitioning from traditional to digital and modernized transaction processes. Before, looking for and buying products and goods require you to take a quick visit to supermarkets, malls, or other physical stores. But now, we can do almost anything online.
Using BTC can make the shopping experience better, if not best. There’s a widespread misconception that there’s limited stuff you can buy with BTC, but the truth is there are lots. This can range from grocery items to plane tickets and luxury cars—try searching online and you’ll surely discover thousands of things, including those you didn’t even think of or haven’t yet heard about.
5. The number of Bitcoin exchanges and marketplaces is rising in Nigeria.
After successfully finding the very suitable stuff you can trade for BTC, the next step is to scout for reputable and trustworthy bitcoin marketplaces.
You can quickly find a lot of crypto exchanges in Nigeria, but it’s best to look for the cheapest place to buy bitcoin, whether you’re planning to trade for the long term or to add it in your primary sources of income.
Plus, creating an account in crypto exchange platforms is not as challenging and stringent as with banks and other traditional financial services providers. But if you’re a bank account holder who plans to buy fractions using your bank funds, buying bitcoin using bank transfer is up in your many payment options.
And the list goes on
These are just a few of the many reasons why Nigerians buy BTC. Again, bitcoin is not only a new kind of money but also a very useful tool that unlocks great income-generating and economy-boosting capabilities.
So, are you ready to join the growing population of bitcoin users in Nigeria? Explore BTC’s remarkable uses and experience them first-hand!
Disclaimer: This content is sponsored by Paxful.
