What makes Nigeria the No.2 Cryptocurrency Market?
According to the recent update, Today, Nigeria is recognized as the world’s second-largest Cryptocurrency trading peer-to-peer country. After the United States, Nigeria is continuously making massive records in bitcoin interest.
Furthermore, data obtained from other dominating peer-2-peer bitcoin trading exchange Paxful states that the United State is ranked as the first country with the highest Bitcoin tradings is 535,660 BTC. And if we talk about Nigeria, it holds the second position with 60,215 total BTC traded in the last five years. It is what makes Nigeria Africa’s largest bitcoin market.
Moreover, Nigerian traders opt for the other best cryptocurrency exchanges platform. In this regard, BitQL plays an essential role in providing profitable crypto exchanges. Hence, it is always wise to switch to such platforms.
Bitcoin’s trend in Nigeria
You may probably think, what’s the history of bitcoin and cryptocurrency in Nigeria? How did it start? How is it going now? Well, we have got all the answers to your questions.
In 2016, bitcoin started trending in Nigeria because the popular MMM Ponzi scheme promised to provide a 30% return at the end of a month. Alongside, that scheme also offered other mouthwatering bonuses and rewards for bitcoin traders and investors. This increased the boom of cryptocurrency in Nigeria.
Ponzi scheme was introduced in 2015, and it describes itself as a platform where mutual tradings happen to help each other, mainly the country with the minor employment ratio. It imparted a positive impact on Nigerians, and people started moving toward cryptocurrency. According to Nigeria’s crypto stats, up to 2.5 million Nigerians registered themselves in the Ponzi scheme in 2016.
The positive things do not always run with you in your whole life. The Ponzi scheme’s end began when the operators of the Ponzi scheme pulled an exit scam, leaving several contracts and dealings in financial debts and ruins. Also, several other Bitcoin-associated fraudulent schemes were propelled. Despite this, some traders continued to ignore the scams in greed and ended up losing their investments.
Read Also: How to buy bitcoin in Nigerian naira safely
The exciting thing is that despite all the fraudulent activities related to cryptocurrency, Nigeria didn’t hate bitcoin. In the Nigerian eye, it was just a tool used by the frauds to perpetuate the evils. In fact, MMM became tipping worthy for bitcoin in Nigeria. Cryptocurrency has experienced its record growth in the country since the exit of MMM scams.
Multiple gains of bitcoin
From trading to cross-border money transactions, Nigeria’s youth and tech-savvy citizens are tapping into almost every single advantage of Bitcoin that it offers. Although Nigeria is the top economy in Africa, its unemployment ratio is also the highest in the continent. Hence, bitcoin became a boon for the increasing youth of the country.
Like other crypto countries, Nigeria has also experienced transferring and collecting payments from foreign countries. However, the government of Nigeria recently commanded a stern measure on dollar spendings. Well, here are some benefits that bitcoin offered to Nigeria.
• Official connections with developed countries
As before the bitcoin, the Nigerian economy was nothing as compared to its economy now. Bitcoin has played an essential role in establishing good relations with other countries such as Europe, America, the United States and many more. This relation helped Nigeria to build tremendous transactions. These transactions overseas helped Nigeria in maintaining its finance.
• Elimination of unemployment
Before adopting cryptocurrency in Nigeria, it has faced a lot of ups and downs in its economy. Nigerian didn’t even have the proper employment for its youth, which converted Nigeria’s economic condition into the worst. However, trading through cryptocurrency such as bitcoin made it possible for numbers to provide thousands of employment to its youth. It conferred a very positive effect on the people of Nigeria.
The crypto tradings in Nigeria tagged it as the second-largest bitcoin market. The data provided by google trend also authenticated that there is a colossal increase in bitcoin’s interest. Also, in November 2020, Google ranked Nigeria first in its “Bitcoin” search result.