The Battle of Crypto in Nigeria: Bitcoin vs Ethereum
Ethereum and Bitcoin have always been battling it out for flag wavers and that is no different in Africa – and especially Nigeria. Locals are already familiar with trading Bitcoin or utilising their Luno Ethereum Wallet to complete all manner of transactions These two digital currencies have been occupying the top two spots in the crypto world for years. So, what are the differences and who is winning the race for the top of the podium in Nigeria’s economy?
Bitcoin vs Ethereum: The Main Difference
The two currencies are certainly streets ahead of any third-place cryptocurrency. Bitcoin is popular because it is the most valuable and the most used cryptocurrency on the market, and for that reason incites trust in a lot of newcomers to the scene. However, Ethereum is based on a different system and allows users to make payments even quicker. It is a trade-off that Nigerians need to weigh up but one thing is for certain, both digital currencies are more convenient and cheaper than using fiat currencies. Before continuing, there is always the case that Nigerians do not have to choose. There is no reason why they cannot use, invest or trade both types of cryptocurrency.
The Case for Bitcoin
One of the counter arguments for using Bitcoin across the globe as well as in Nigeria is that it is one of the most volatile digital currencies. However, this argument does not hold as much strength in Nigeria. This is because Nigerians have to contend with a volatile currency every single day in the Nigerian Naira. Whereas some people are put off by Bitcoin’s fluctuation in value, this is not as threatening to Nigerians who deal with such fluctuations with their fiat currency. Businesses are used to it and it is not as scary for these owners. When a digital currency is more stable than the fiat one, the reluctance to accept it is reduced.
A Case for Ethereum
However, the same logic above can also be applied to the use of Ethereum. Just like Bitcoin, Ethereum is more stable than the local Nigerian currency – and even more so than its competitors. This is an appealing thought to business owners who will be able to operate with stability and make accurate forecasts when dealing with suppliers. Not to forget that Ethereum is also very secure and offers businesses a way of safeguarding against crimes, such as theft.
What Side are You On?
Nigeria is lagging behind on the advancements of cryptocurrency when compared to other (African) territories. Many examples exist butMauritius is one of them and has even put in place cryptocurrency regulations. Nevertheless, the country and its citizens have made some progress of late. Bitcoin and Ethereum are both promising digital currencies to be involved with. At this stage, there is no right or wrong answer and either option can lead to a rewarding experience.
