Bitcoin was popularized in Nigeria by the popular Ponzi scheme MMM. Many people as likened it to the Ponzi scheme because of its initial use in Nigeria, whereas Bitcoin is a crytocurrency (digital currency not hard currency) on its own, similar to the physical currency, which you can buy from a local exchanger like (naira4dollar.com) and use it identically as you would with the Nigeria naira – sending and receiving.
Bitcoin transactions are always carried out electronically making use of Blockchain technology, that is it’s transparent, you can monitor the transaction, confirming whether the currency has been delivered or not.
Bitcoin has been facing some challenges in Nigeria with the CBN advising the Banking sector and financial institution as well as the general public not to adopt the Blockchain technology as many Nigerians are using the newly introduced Bitcoin to bypass the CBNs restrictions on foreign exchange. However the CBN sees Bitcoin as a treat that would further weakens the Naira for its decentralized in nature.
ADVANTAGES OF USING BITCOIN IN NIGERIA
1. Bitcoin can help solve the problem on CBN policy on Remittances, western union, moneygram and Ria charging high fees, Nigerians in Diaspora are stuck with the high fees associated with these money transfer operators, posing huge concern to Nigerians home and abroad who like to move money across international borders.
Bitcoin creates an avenue for sending money limitless to anybody across the globe which can be easily converted to hard currency.
Bitcoin has made purchasing product online more easy and convenient by making funding an online virtual card (e.g. Wirex) which is globally acceptable with cheaper transaction fees more flexible.
Bitcoin also as a safe storage for moving money from one location to another, that is you can move with your mobile phone in which your wallet is incorporated, providing security of not holding physical cash.
In my own opinion Bitcoin can be incorporated into Nigeria economy as you can see in the first ever Blockchain conference held in Nigeria which took place at the civic centre, Victoria island Lagos, advising CBN to follow the steps of some other country like Brazil, South Africa, Vietnam (about to adopt) and other countries that have legalized the use of Bitcoin in the financial sector and also to look for a way that would suit the economy taste and brings in development for the country.
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