Nigeria Becomes Fastest Growing Crypto Market In The World

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Quote from: Baofeng on August 08, 2020, 05:31:08 PM

And what's more interesting is that Nigeria doesn't have bitcoin regulation, and there have been reports that it is planning to ban it, but so far we haven't heard any update.

Even though Bitcoin is not regulated in Nigeria, the position of the government and banks regarding it has never been positive, it has been painted in a bad light, with focus on its risks rather then the actual network. It would be quite retrogressive for the continent if a ban is issued, but I would not be too surprised considering the current situation.

Quote from: Ayiranorea on August 08, 2020, 05:36:29 PM

[but for some reason there is also negative things taking place in the name of cryptocurrencies. This needs to be stopped, or else it can ruin the goodness of bitcoin and other cryptocurrencies.

It is impossible to completely eradicate scams, and they would exploit every available financial venture, including Bitcoin, this does not reflect the purpose of the currency. Fiat has been used for corruption, illegal drug dealing and crime, but isn't associated with them.

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Quote from: rexxarofmoknathal on August 08, 2020, 05:29:38 PM

Quote from: Charles-Tim on August 08, 2020, 12:24:35 PM

From above link above: https://bitcoinworld.co.in/nigeria-becomes-fastest-growing-crypto-market-in-the-world/
Among top countries in Q2, 2020 leading in peer to peer Bitcoin transactional trades on the African continent were:
Nigeria – $34.4 million dollars.
South Africa – $15.2 million dollars.
Kenya – $7.8 million.
Ghana – $640,000.
Tanzania – $600,000.

Out of the 7 continents Africa is probably the highest in government corruption so given this there is no much surprise that cryptocurrency which allows people to escape institutional governance is doing so well. My concern is that many more people from this continent as well as others will not have access to internet so not everyone would be able to take refuge in crypto.

On the other hand, seeing that Africa as a whole is growing rapidly the real challenge will come when all of this will come to a halt due to the poverty line being reached. Realistically there are limitations to how many people can understand BTC and are given even the chance to buy/sell or use.

The growth in terms of usage and adoption is tremendous with the African countries, but for some reason there is also negative things taking place in the name of cryptocurrencies. This needs to be stopped, or else it can ruin the goodness of bitcoin and other cryptocurrencies. In specific understanding the growing demand scammers try to attract people with scam schemes in the name of bitcoin and ethereum as those are much familiar.

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I think by now everyone understand that usually in a country or in this case a continent, that if there is a breakdown of economy, usually people run to other crypto to hedge their funds. And this could be one reason why Africa is becoming the fastest growing crypto market in the world.

And this is actually not new, the Zimbabwe crisis on 2017, and other economic and political turmoil that is happening up to this day. And what's more interesting is that Nigeria doesn't have bitcoin regulation, and there have been reports that it is planning to ban it, but so far we haven't heard any update.

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Quote from: Charles-Tim on August 08, 2020, 12:24:35 PM

From above link above: https://bitcoinworld.co.in/nigeria-becomes-fastest-growing-crypto-market-in-the-world/
Among top countries in Q2, 2020 leading in peer to peer Bitcoin transactional trades on the African continent were:
Nigeria – $34.4 million dollars.
South Africa – $15.2 million dollars.
Kenya – $7.8 million.
Ghana – $640,000.
Tanzania – $600,000.

Out of the 7 continents Africa is probably the highest in government corruption so given this there is no much surprise that cryptocurrency which allows people to escape institutional governance is doing so well. My concern is that many more people from this continent as well as others will not have access to internet so not everyone would be able to take refuge in crypto.

On the other hand, seeing that Africa as a whole is growing rapidly the real challenge will come when all of this will come to a halt due to the poverty line being reached. Realistically there are limitations to how many people can understand BTC and are given even the chance to buy/sell or use.

ololajulo

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The data only compare growth among African countries which cant rate that it as the fastest among the world countries. More so there are no indications that some Nigerians that make the list are not in diaspora. Its a big economy but aside the save of value as asset I dont see many used cases in the economy. Rarely do we have startup also from the country, maybe no ATM as well

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And this is why Jack Dorsey has been eyeing Africa for years now because he knows that something is cooking on that continent and wanted to get his feet first. And so is Binance and other big companies as well. So I wouldn't be surprised that in the next 5 years, Africa could be the fastest growing crypto market as the potential is really there. It's just a question on Africa's infrastructure that could delay this massive growth.

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Quote from: zasad@ on August 08, 2020, 05:09:00 PM

Quote from: Indymoney on August 08, 2020, 04:50:01 PM

Quote from: zasad@ on August 08, 2020, 04:45:20 PM

Top performing countries on Blockchain.com in July over June. Source: Blockchain.com

https://cointelegraph.com/news/nigerian-crypto-activity-has-been-on-the-rise-since-april

I read a lot of news about the fact that there is a constant buying of bitcoins in Africa.What does this mean? There is a huge potential for adapting cryptocurrency technologies in Africa, so many companies will develop their business there.

This is very interesting as now developing counteries doing very good in this crypto world even from this list few countries still offically not allowing bitcoin and cryptocurrency to do in their country like India and Bangladesh because few days back I have news polices arrest few peoples in Bangladesh for trading bitcoin and cryptocurrency.

The population of India (~ 1371 M) is slightly less than the population of China. 17% of the world's population are Hindus, is it possible to ban something there?
Bangladesh has over 170 million inhabitants. If you look at the policies of other large countries, it becomes clear that cryptocurrency is easier to legalize.
Even if you read the news about the arrest of 2 people every month, this will not change the situation, the black market will only grow.

Yes this is the case just because of these shit governments policies black market is growing very quickly and real developers and traders have no good opportunites for doing work red carpet policies encouraging this all shit black marketing for own sack but as these all details and things coming we can hope for good days in future because without this all we have not good things around us.

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Quote from: zasad@ on August 08, 2020, 04:45:20 PM

https://i.ibb.co/yftHPTN/image.jpg

Top performing countries on Blockchain.com in July over June. Source: Blockchain.com

https://cointelegraph.com/news/nigerian-crypto-activity-has-been-on-the-rise-since-april

I read a lot of news about the fact that there is a constant buying of bitcoins in Africa.What does this mean? There is a huge potential for adapting cryptocurrency technologies in Africa, so many companies will develop their business there.

Atleast what zasad@ put up here is a little more elaborate than what OP put in his article. I believe crypto adoption will grow in Africa over time when people there realize how good it is when it comes to things like international money transfers and payments on top of Other things like trading.

It's sad that masses over the world are more exposed to scams such as MLM and ponzi schemes that cryptocurrencies themselves.

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Quote from: Indymoney on August 08, 2020, 04:50:01 PM

Quote from: zasad@ on August 08, 2020, 04:45:20 PM

Top performing countries on Blockchain.com in July over June. Source: Blockchain.com

https://cointelegraph.com/news/nigerian-crypto-activity-has-been-on-the-rise-since-april

I read a lot of news about the fact that there is a constant buying of bitcoins in Africa.What does this mean? There is a huge potential for adapting cryptocurrency technologies in Africa, so many companies will develop their business there.

This is very interesting as now developing counteries doing very good in this crypto world even from this list few countries still offically not allowing bitcoin and cryptocurrency to do in their country like India and Bangladesh because few days back I have news polices arrest few peoples in Bangladesh for trading bitcoin and cryptocurrency.

The population of India (~ 1371 M) is slightly less than the population of China. 17% of the world's population are Hindus, is it possible to ban something there?
Bangladesh has over 170 million inhabitants. If you look at the policies of other large countries, it becomes clear that cryptocurrency is easier to legalize.
Even if you read the news about the arrest of 2 people every month, this will not change the situation, the black market will only grow.

erikoy

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High chances that it influenced from the bitcoin atm that was been placed from different strategic location like malls gasoline stations and other public places. The prblem now with the atm was being confiscated for it is opeeating illegally (I cant find source). Thid kind of activity actually could boost the bitcoin and other cryptocurrency introducng to the mass for consumption. While others still not aware on this, others are earning on it already and they will start to join once they see that with bitcoin they can earn but of course it needs education to them. This is why they need to learn things first before investing or joining cryptocurrency.

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Quote from: zasad@ on August 08, 2020, 04:45:20 PM

Top performing countries on Blockchain.com in July over June. Source: Blockchain.com

https://cointelegraph.com/news/nigerian-crypto-activity-has-been-on-the-rise-since-april

I read a lot of news about the fact that there is a constant buying of bitcoins in Africa.What does this mean? There is a huge potential for adapting cryptocurrency technologies in Africa, so many companies will develop their business there.

This is very interesting as now developing counteries doing very good in this crypto world even from this list few countries still offically not allowing bitcoin and cryptocurrency to do in their country like India and Bangladesh because few days back I have news polices arrest few peoples in Bangladesh for trading bitcoin and cryptocurrency.

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Top performing countries on Blockchain.com in July over June. Source: Blockchain.com

https://cointelegraph.com/news/nigerian-crypto-activity-has-been-on-the-rise-since-april

I read a lot of news about the fact that there is a constant buying of bitcoins in Africa.What does this mean? There is a huge potential for adapting cryptocurrency technologies in Africa, so many companies will develop their business there.

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Quote from: nicecrypto on August 08, 2020, 03:18:29 PM

This is just data for transactions and trade and has nothing to do with adoption, just a handful of Nigerians can easily trade with that amount if you must know, it is a country where the rich are extremely rich and the poor are extremely poor, this is not an indication that there is an increase in crypto adoption over there.

Your point is good but these things happening all around the world like rich is very rich and poor is very poor but good thing is that now Crypto and Bitcoin is spreading very quickly its mean now more peoples taking interest in this technology and we are going to have one more big market in near future which will increase more opportunities for developers and many other peoples related to this community.

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Quite disappointed in the article. It shows us nothing that could make us the readers think that Nigeria is now the fastest growing crypto market in the world or Globe like your title suggests. The world is not made up of only African Countries.

How do you draw such conclusions with just information about top African countries in Q2, 2020 leading in peer to peer Bitcoin transactional trades. Nigeria obviously is a leading player in Africa due to its massive population compared to other countries in the continent but then how does its crypto market growth compare to countries like China, India, Russia, USA, Brazil etc?

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This is just data for transactions and trade and has nothing to do with adoption, just a handful of Nigerians can easily trade with that amount if you must know, it is a country where the rich are extremely rich and the poor are extremely poor, this is not an indication that there is an increase in crypto adoption over there.

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It sounded so awesome! I am happy for Nigeria as well as the other countries on the list. This is just a proof that amidst of this pandemic, they can still find a way to rise up and restore their economy. Giving their fully trust and adoption to Bitcoin will make their Country grow more in the future. Cheers to this African Countries for being more profitable in Bitcoins globally! 🍻❤

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Hello to all. I can only rejoice for Nigeria and regretfully look at the cryptocurrency in my country. It is good when government officials do not interfere with the promotion of Bitcoins. One thing reassures me - even the most advanced official cannot stop the movement of progress. It may sound pretentious, but Bitcoin is truly a miracle. I really hope that over time, my country will be said that it is the most advanced country in the use of Bitcoin. In the meantime, it remains to be happy for Nigeria.

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Quote from: BitcoinW0rld on August 08, 2020, 11:38:38 AM

Nigeria has emerged as the front runner for attracting Bitcoin in terms of interest across the globe. No other country attracts as much as Bitcoin interest like Nigeria does, a recent survey has revealed.BTCBTC

For Full article check the link :-https://bitcoinworld.co.in/nigeria-becomes-fastest-growing-crypto-market-in-the-world/

Yes, I am not surprised about it. Since the outbreak of the pandemic, a lot of Nigerians have started looking into an online business that will profit them. The pandemic has really taught the citizens' a lot of lessons. In Nigeria, the majority of the citizens don't actually believe in online. The pandemic has really opened most of us eyes to see what you can do from your home.

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Bitcoin is waxing in Nigeria yes that true, Nigerian can be excited by opportunity, well I think this excitement can me to much if you tell them it's a -quick/simple- money spilling way, that why Nigeria is a destination to -crypto-ponzi- many Nigerian in crypto-coin don't know the logistics,ropes or reasonable/lengthful amount of knowledge.

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Quote from: Charles-Tim on August 08, 2020, 12:24:35 PM

From above link above: https://bitcoinworld.co.in/nigeria-becomes-fastest-growing-crypto-market-in-the-world/
Among top countries in Q2, 2020 leading in peer to peer Bitcoin transactional trades on the African continent were:
Nigeria – $34.4 million dollars.
South Africa – $15.2 million dollars.
Kenya – $7.8 million.
Ghana – $640,000.
Tanzania – $600,000.

Good to see that African countries are moving forward with the blessing of bitcoin and people are getting introduced with crypto currency. There was a time when most bitcoin users were from Europe, USA and China but now its growing so fast in Asian and African continent too. Its always good to see new nations are joining the community of bitcoin but i am little bit concern about its legal use. Specifically arms and drug dealers will start to use bitcoin payment for their purpose and due to this reason government can take strict actions against bitcoin in African continent. Although its always better to think positive and i hope African people will make the proper use of bitcoin.

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