Nigerians Rejoice: Bitcoin Soaring High In The Sky!
As the Nigerian government promotes digital cash, local traders rejoice as the price of Bitcoin soars to a record high. If you had one bitcoin in Nigeria and you left your house yesterday morning, when you come back today, it will have doubled in value.
The Reason
The reasons for the sudden skyrocket? The Nigerian Central Bank approved the emergence of a new digital currency – The Cryptocurrency – and local vendors have jumped on the cash wagon.
What Is Cryptocurrency?
At its core, cryptocurrency is a form of digital currency which uses encryption techniques to control its creation and verify the transfer of funds. Cryptocurrency is not stored in bank accounts, but rather held in virtual wallets and traded between users on online exchanges.
Reasons For It’s Popularity In Nigeria
The popularity of cryptocurrency in Nigeria is largely attributed to several factors such as:
- Ease of Use: cryptocurrency allows for peer-to-peer transactions without the need for third-party intermediaries, such as banks. It is an especially attractive feature for those without bank accounts or credit cards.
- Cost: transactions are cheap and fast, making it a desirable option for those looking for a safe and cost-effective way to send money.
- Anonymity: the lack of regulation allows users to remain anonymous and stay off the radar of government agencies.
Who Is Using It?
Cryptocurrency is quickly becoming the go-to currency among traders and urbanites in Nigeria. Business owners and entrepreneurs are welcoming this new form of currency, as it provides them with a secure way to accept payments as well as an avenue to make profit off the exchange rate.
The Final Verdict?
It looks like Nigerians have wholeheartedly embraced the cryptocurrency revolution. With its ease of use, low fees, and anonymity, it’s easy to see why Nigerians are loving this digital cash. So if you want to get in on the action, your best bet is to join the hot new trend and stock up on some Bitcoin before it takes off!
