2020 started with higher prices for trading that retain customers’ interest and popularity towards cryptocurrencies. Reports say that the number of people searching for bitcoins in Google has increased since December 2019. Half the crowd is those who registered in June last year as per the report.
Despite many trading fluctuations in cryptocurrency, this country sticks to create a consistent benchmark in Bitcoin investment. If you look at the growth chart of Bitcoin trading, Nigeria has topped it in the past 12 months. Ghana and South Africa along with few other African nations come close to Nigeria in terms of bitcoin trading. Curious about how Nigeria alone made it possible; here are the facts to know about the success of bitcoin trading in Nigeria.
What made Nigeria have a clear pathway for crypto trading?
Being the continent’s biggest country in terms of economy, Nigeria still faces many economic and social challenges. According to several geographical surveys, Nigeria overtakes India concerning the largest population, and the country lives in extreme poverty. In 200 million people, almost 87 million people are poverty victims. The last two years have been a good comeback for Nigeria in regaining economy, yet again it is inflating since last summer with the annual inflation rate increasing to 12% in December 2019.
On one hand, though the Nigerian government and central bank are spreading and issuing warnings against Bitcoin. Still, nothing can discourage Nigerians from trading bitcoins and using them in everyday life. Nigerians spend most of their time learning about Bitcoin trading. Hence, even if there is a fall in the crypto market, Nigerians can come back with the same positive energy and invest in Bitcoin.
The peer-to-peer exchange of local bitcoins has been hiking and reaching more than 600 million Nigerian nairas a week. This equals to $1.65 million as per the data collected and released by Coin Dance. It especially took place after the last fall of the market worldwide.
Wondering how Nigeria makes it happen even under critical poverty conditions? They are smart and instead of exchanging with their country, they rely on remittances from migrants who live and work abroad. Only in 2019 between January and November, the country has gained $17.57 billion on cryptocurrency trading, announced by the Central Bank of Nigeria in January 2020. Similarly, the years before 2019 also had a great increase of up to 56.4% on summarising.
Plenty of options for Nigerians to trade and use bitcoin- Let us see in detail
Although cryptocurrencies play an important role in being an economic alternative to the fiat system, yet it becomes viable only if you have an exchange infrastructure and functioning trading. Luckily, Nigeria has no lack of meeting such criteria. It has plenty of platforms to support the buying and selling of digital coins with naira, the national currency.
The best and largest crypto exchange in Nigeria would be Nairex that enables users to trade using multiple payment methods for convenience. The next comes M-Pesa, a top mobile app for money transfer service, which is also available for Kenya and Tanzania. Nigerians use Bitpesa as a platform to trade with Nairex, and they can use debit cards to buy bitcoins in Bitpesa.
The other option that Nigerians make use of trading bitcoins is Wallet.ng, Busha, Tradefada, Bitfxt, and more. Apart from crypto exchanges, they have multiple options to use cryptocurrencies. Paychant is a payment processor through which businesses accept digital coins and instantly convert them to local currency. In financial terms, we may call it a payment gateway that lets through any transaction. It also helps them protect their revenues without being affected by crypto price volatility.
If any merchant wants to accept crypto payment directly, they can have the Bitcoin Cash Register app installed on their phone. The Buy Bitcoin Worldwide website discloses that right now many companies have already made accepting payments in cryptocurrency into practice. It is unbelievable that the Nigerian platforms tie-up with more than 500 networks in almost 135 countries.
Nigeria is moving forward in cryptocurrency trading irrespective of any conditions that people are bound to. All they have made to bring their country the best in Bitcoin trading is continuous learning and effective implementation, though their poverty is also one of the added reasons. Look for the right time to invest in cryptocurrencies; otherwise, you never can get to the point where you lost.
Prevailing socio-economic hardships is one of the main reasons that pave the way for crypto adoption in Nigeria. So as an individual investor, you should think too big to reach a state of the line without poverty with bitcoin investment, especially in Nigeria. More information on bitcoin trading can be found on https://learnbonds.com/bitcoin-evolution.