Bitcoin as a cryptocurrency came to be accepted and loved by the Nigerians as it was an easy and fast way of acquiring wealth. With the idea being so new to the Nigerians, it attracted many people and groups that took advantage of the people’s little knowledge of the new concept to robe them.
Top Global Scams Target Nigerians
With bitcoin quickly gaining popularity, the rise of scams involving the cryptocurrency was inevitable. This included the Mavrodi Mondial Mondial Moneybox (MMM) a 30-year-long global Ponzi scheme, that robbed millions of Nigerians with promises of 30 percent returns in as little as 30 days. When the government began to crack down on bank accounts linked to the scheme, MMM’s operators cut the banks out and started requiring victims to use Bitcoin It was this scheme that made Nigerians understand how Bitcoin worked. But out of all that chaos, something fascinating happened: people realized that bitcoin was just as valuable as money and that bitcoin is the future.
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