What is the future of cryptocurrency in Nigeria?
We already know the drastic boom that cryptocurrency has brought to Nigeria in the last few years. The country is gradually growing digital by reducing the use of traditional money for day-day transactions.
From the time when Nigerians once used to struggle with daily wages to today when they own whopping assets in the country.
Cryptocurrency has been the backbone for the country’s every progress. The multi-millionaire investor Fadubadge who has made more than any Nigerian could, today marks cryptocurrency as the future currency.
Tesla’s owner and other famous personalities have also agreed to the statement by buying a significant portion of cryptocurrency recently.
Nigeria has always been an under-developed country but its people have not felt behind in any race of life.
That is why Nigeria is today known to have the most exceptional use of cryptocurrency with confidently competing with other rich crypto-countries.
The birth of bitcoin in 2008 wasn’t a big blow for Nigerians as they believed that cryptocurrency is also one of those futile ways to earn money.
But, soon the bubble burst and all the myths and rumors calling cryptocurrency the future currency turned true.
The excellent success rate of Nigeria in trading bitcoin and other cryptocurrencies has done wonders in the country’s infrastructure and other significant development.
This is one of the amazing reasons why Nigerians strongly believe cryptocurrency is the future of the financial world in Nigeria.
1. Bitcoin-the first decentralized peer-peer network today comes in the highest demanded cryptocurrency in Nigeria. The best part about the successful rise of cryptocurrency in the country is the extensive research, days of struggle, valuable help from Yuan pay group and comprehensive analysis of every aspect of cryptocurrency.
This is something that separates Nigeria from the rest of the world and gives predictions for the favorable long life of cryptocurrency in many more generations of Nigeria.
2. A country adopts another currency only in a state of misery when its currency isn’t suitable to meet the demands of the people. Nigeria started using cryptocurrency due to the high fluctuation of Naira that followed by numerous devaluations of the currency.
However, the replacement of cryptocurrency with Naira proved much beneficial for the country both at that time and for the long-term by making all payments digitally.
3. Only one who uses any bank or monetary system knows how terrible it is to transact even a small amount from the bank. With this, the high taxes and unnecessary costs are other frustrating issues of using Banks.
Therefore, Nigerians preferred using cryptocurrency for every matter with the ease of few clicks. This helped them save the costs that used to go in Banks treasure and focus on more important inventions to enhance the crypto use in the country easily.
4. The sudden unexpected paradigm shift from fiat currencies to digital currencies has certainly been a surprise for the Nigerian government. As a result, crypto use in the country was strictly prohibited and marked illegal under the currency notice issued by the Government of Nigeria.
While this can be a huge threat for future crypto use in Nigeria but can also serve as a motivation for the young Tech-savvy Nigerians to explore avenues for trading cryptocurrency without the involvement of the government.
Just like the expert masterminds in the country have already introduced specialized crypto trading robots in the past. Therefore, a number of Nigerians are today hopeful if this unfavorable step by the government can put a positive impact on the crypto use of currency in the future or will completely diminish the rule of cryptocurrency in Nigeria or Africa.
Conclusion:
There is no lie in the fact that Nigerians have struggled a lot to fight with its terrific economic crisis. From extreme poverty to high inflation, the country has witnessed a ride of bad times but the presence of cryptocurrency has surely changed the lives of people in Nigeria and deserves to be the future of currency of the country.
