We all know how inflation is hitting us all every passing morning. We could price a product in the morning and the next 5 hours the price of the same commodity changes. Here we have Bitcoin which help us as big hedge over inflation.
Let's assume a business person or service provider who receives their pay in Bitcoin. First they have more value for their service and secondly they have an asset and a currency In a single software, such that if this asset gains value the worth of the Bitcoin earned also gains value.
Over the years Bitcoin has helped us both in local and international businesses. Below are a list of how this coin has help average Nigerians both in earning and transactions.
We all know how unstable our economy is and as such our fiat been our local Naira keeps losing value each passing day. Bitcoin can help by becoming a store of value on along term base to help as hedge in the future.
- Alternative to traditional banking
There are rural areas in our present Nigerian society that still don't have access to banking facilities. Some might have to travel to neighbouring communities before they can access to a bank, in this case Bitcoin can serve the purpose of storing our money in form of an asset and also a currency
Sending money through Western Union can be very high in terms of charges and same thing happens when we receive money from other countries. Bitcoin can be used conveniently to send and receive money across the world with no third party intermediary
Bitcoin gives lots of investment opportunities such as mining, trading, holding , contributing to it's community, Volunteering as a developer
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Just as we have advantages of Bitcoin in Nigeria we also have a few set backs and limitations we have experienced as Nigerian citizens and this has also hindered the spread and free usage of Bitcoin in Nigeria. The list goes as follows:
We have had different presidents fight against Bitcoin adoption in Nigeria. Infact the all stand against anything crypto currency has made strict regulations on its usage in Nigeria.
Newbies who lack mentorship and guidance will fall victim of scammers and most of them might claim to be gifting out coins just to scam their victims, some might use it as ransom or means to scam victims by making them enter their seed phrase in a phishing link
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