Dear @steemcurator01 and @steemitblog, I'm glad to make yet another entry in this challenge.
Today I'm going to talk the operation of Bitcoin in Nigeria (and Africa by extension) and what the future holds for it.
Bitcoin operations in Nigeria and what the future holds
Market analysts, stakeholders, organizations, concerned individuals, and even naysayers over the years have pondered on the legibility and legality of bitcoin, especially when it comes to its uses, security, challenges, and fast adoption in Africa.
Apart from the refusal by the central bank of Nigeria, being the Apex bank, to accept cryptocurrencies as a legal currency, the truth must be told. Nigeria’s weakening naira currency, as well as the shortage of U.S. dollars, are forcing businesses to switch to bitcoin as the means of settling payments for international transactions.
Nigerian businesses need the American currency to buy new supplies, as well as to order essential equipment from abroad. However, formal sources of foreign currency like banks are failing to meet this demand.
THE GROUNDS OF BITCOIN IN THE COUNTRY:
Cryptocurrencies have gained prominence in Nigeria given their use as a medium for settling cross border payments and for remittances. The global pandemic and the associated restrictions on movement appear to have spurred on a new wave of demand for bitcoin. More Nigerians are exploring cryptocurrencies as shown by the number cryptocurrency wallets downloaded.
According to Google Trends, Bitcoin is most popular in Africa than anywhere else in the world. As a matter of fact, Nigeria and South Africa respectively took first and second spot for searching the term “Bitcoin” in the last year.
Business people are coming out to ask how Bitcoin works, and the ones that already know are switching to BTC for international trade.” Nigeria is one of the countries with high peer to peer bitcoin traded volumes in the world.
Also, people are being educated on Bitcoin transactions now more often than before. For instance, Efforts to educate Nigerians about cryptocurrencies and bitcoin are ongoing and just recently, a local cryptocurrency exchange used the local reality television show, Big Brother Naija to showcase bitcoin and its use cases. Housemates in the reality show were made to participate in a bitcoin quiz. All contestants received $500 in bitcoin.
There was also a Techpoint Africa event Tagged; "Secure Digital currencies for the future of Africa", held on 27th and 28th August, 2020. Speaking on their expectations of the growth of crypto in Africa, the panelists collectively affirmed that they expect to see more institutions go into crypto for cross-border payments, in addition to more people buying and storing bitcoin.
Bitcoin is no longer a story and with the way it's going, the future is clear that even the government will not have other options than to accept it. And again, Bitcoin operations in Nigeria will grow past so many countries that accepted crypto long before Nigeria.
In conclusion, I personally think that in addition to the things put in place, Start-up companies in Africa need to build crypto/blockchain solutions that work for the context of Africa. A concept that is set to not only make Bitcoin known around the world but have it herald the future of digital currencies.
It's always nice taking part in the challenge. Thank you for having me. I still remain Blessing Daniels (Nigeria)
The price of Bitcoin will be 14,850.32 USD
Yes i agree Government have any other choice to avoid crypto,they must accept it.
Not possible to stop Technology growth now a days. So they must accept but regulations on it is needed to avoid illegal activities.
Nice post from you.
#twopercent #india #affable
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Thank you dear
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