There are hundreds of articles published every day and thousands of discussions mentioned on describing blockchain and how it has a prominent impact on our lives. Needless to say, that blockchain technology is the first thing that pops up in our mind on hearing cryptocurrency bitcoin but what actually it is?
To get the answer, click on https://bitcoinfortress.io/ and get all the answers to blockchain technology in regards to its contribution to bitcoin. Blockchain is simply defined as a useful technology that helps in gathering all the relevant data in the form of blocks, making an open-source distributed database accessible to everyone.
Invented in 1991 by Stuart Haber, this technology works around a P2P system that enables anyone to make safe transactions and create a digital assembly where one can interact with others for every reason. All the transfers of payments are done through a blockchain electronic ledger that is today commonly known as blockchain technology.
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With the increasing expansion of blockchain technology globally, Nigeria-one of the major parts of Africa is also no step behind to adopt this hottest technology that steers the financial scenarios of countries today.
Regardless of the fact that the Nigerian government is strictly against the use of cryptocurrency and bans its trade there, Nigerians still manage to become the world’s second-largest block-chain market after the United States.
The increasing use of bitcoin directly influences the adoption of blockchain technology in Nigeria. On the one hand, where blockchain has received praises all around the country. Whereas, it has numerous downsides considering financial accessibility, ineligible investments, and difficulty to purchase shows the how Nigerians took care and control of money.
- There’s no denying the endless potential of blockchain technology that has helped millions of Nigerians get out of their rat race and make huge assets in the long run. Nigerians don’t let any opportunity slip out of their hands such as by simply having a brief idea of cryptocurrency and blockchain, they left no stone unturned to know about this volatile asset and how to make profits out of it.
- Their worldwide popular use for sending and receiving payments has been a major help to conquer the traditional system of money-making without sending a huge part of it to different services.
- The African government, especially one ruling on Nigeria is a huge challenge for any new financial innovation to be introduced and survive in their highly saturated market. The history of losing money through bad decisions or futile laws in Africa is never-ending but blockchain has certainly proved as a successful investment today.
- Unlike the traditional banks present worldwide, Nigerian banks neither offer many incentives to its users nor help them in the time of financial crises. Also, let us not ignore the fact that around 50% of the Nigerian population is unbanked due to not having the right identity that can be shown to the government. In this scenario, the blockchain technology that doesn’t need any middleman or third party interference has truly been a blessing in disguise for many Nigerians.
- However, the rise in interest and use of technology in Africa is not new to anyone today. Nigerians are already used to digital money, payment systems, and digital exchanges. But they don’t have access to credit facilities in the country. It proves as a huge problem for small business owners to transfer money from bank to business regularly. In this scenario, the most effective blockchain technology manages all the data, income levels, collaterals, interest rules, and past, present, and future payment methods.
Conclusion:
From allowing complete transparency to being 24/7 accessible for everyone, blockchain technology is indeed a powerful tool for everyone to progress with the financial solution. Not only it is safe, efficient, and reliable but also aims to create a decentralized environment that the user can rule itself.
