CRYPTOCURRENCY IN NIGERIA: the way forward??
Firstly..
What is CRYPTOCURRENCY?
A cryptocurrency (or crypto currency) is a
digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency.
Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of
alternative currencies and virtual currencies .
(According to wiki)
I won't go into details into explaining the two classes of crypto currencies......
Rather I would explain the first, popular and durable crypto currency..(BITCOIN{btc})
BITCOIN
Bitcoin is a worldwide cryptocurrency and digital
payment system, as it is called the first decentralized digital currency, since the system works without a central repository or single administrator.
According to reports It was said to be invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto, and released as open-source software in 2009(was decentralized same year)
Bitcoin became a popular as of 2015, when 100,000 merchants accepted it as a means of exchange.
And since then has been one of the top currencies in the stock market.
According to research don by Cambridge university(this year 2017) 2.9-5.8 million users who use cryptocurrency, uses bitcoin.
With no further explanation I would love to drop my views on cryto currencies in Nigeria
Crypto currency came in Nigeria as of late 2015(from my own view)
Then it was mainly use for networking, ponzi, etc...
I could remember hearing of bitcoin for the first time through a friend of mine (ambassador)
He was into five2btc mlm and introduced me to btc.
Later on as of 2016 June/July cryptocurrency especially bitcoin took over ¼ of many online transactions done in Nigeria.
Was used for purposes such as paying for imported goods,purchasing fixed match, and even rent
Became so popular that Nigeria then had some local exhange such as NairaEx.com
THE MAJOR PROBLEM
The bitcoin price
The bitcoin price has been one of the stable and reliable price for its customers over the past 8 years and is currently 1btc = 1.4+ million naira, so as a popular Nigerian saying goes "naija no dey carry last" meaning Nigerians don't slack behind, the bitcoin has become a gold rush for all Nigerians who are inclined to gadgets.
Many of the online stuffs are now settled with btc.
I could remember owing a Lady 2000naira for 6months and I couldn't find a way to pay her, so while surfing through the web I decide to login into my blockchain wallet and discovered that the $1.61 there has multiplied,
so I simply paid her with the multiplied money, and ever since then she gained interest in bitcoin, now that is the problem since all Nigerians are gaining interest in cryptocurrency so fast and easily what would now happen to the naira??
Is the cryptocurrency (bitcoin) the way forward or would it result to the fall of the naira?🤔
Whats your own view?
Resteem let's know what others think of it
Image source
1- http://asiainc500.com/the-age-of-cryptocurrency/
2- https://btc.ng/bitcoin-guide/5-things-you-need-to-know-about-bitcoin-in-nigeria/
3- https://www.naij.com/1092615-how-open-bitcoin-account-nigeria.html
4- http://cryptocurry.com/news/bitcoin-unstoppable-nigeria-central-bank/
5- https://www.123rf.com/photo_30344877_it-is-unbelievable-surprised-young-man-looking-at-laptop-and-keeping-mouth-open-while-sitting-agains.html
Nice writeup friend!
Thanks brother😇
I'm a big supporter of Africans getting on projects such as Steemit because I think it could make a huge difference in many of their lives! I upvoted to help you with exposure.
I have made a post recently with a list of websites where you can sign up for free to get some free cryptocurrency right away. Some of them give you $5 or $10 just for signing up. I tried them and they are legit, no time wasters. Just like Steemit, there is digital money for the taking for anyone who wants it... Go take a look at my post: https://steemit.com/cryptocurrency/@pandorasbox/list-of-places-where-you-can-get-free-cryptocurrency-right-away-that-actually-work-with-a-minimal-amount-of-effort
And in closing, let me re-iterate: Go Africa!
Oh great, now the Nigerian princes can pitch us cryptocurrencies instead of inheritances... what wrong could come from this? 😕
Same thing that can come from unregulated ICOs. We just have to wait and see what happens and sort through the good and the bad when we get there. It's the same as everything else in life, you have to take the chance and then reevaluate your situation after you step through the door, or you'll never know what could have been.
Hmm... we'll see.
Exactly
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STOPIt is definitely the way out. I personally i'm planning not to keep my money in banks again,just to enjoy the increment in my btc wallet. Thanks for sharing.
I love your write up. Really eye opening. Will definitely follow.