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Title: [2017-02-02] Nigeria: An In-Depth Look at Using Bitcoin in a Currency Crisis Post by: tyz on February 02, 2017, 05:44:09 PM Nigeria: An In-Depth Look at Using Bitcoin in a Currency Crisis
This case-study will focus on Bitcoin’s rise in Nigeria. It was partially inspired by a question from Bloomberg’s Joe Weisenthal about what benefits does Bitcoin bring to people living amid a currency crisis. http://bitcoinist.com/bitcoin-currency-crisis-nigeria/ Title: Re: [2017-02-02] Nigeria: An In-Depth Look at Using Bitcoin in a Currency Crisis Post by: cr1776 on February 02, 2017, 06:01:37 PM Nigeria: An In-Depth Look at Using Bitcoin in a Currency Crisis Interesting...not to mention using bitcoin to preserve your wealth from being inflated away.This case-study will focus on Bitcoin’s rise in Nigeria. It was partially inspired by a question from Bloomberg’s Joe Weisenthal about what benefits does Bitcoin bring to people living amid a currency crisis. http://bitcoinist.com/bitcoin-currency-crisis-nigeria/ Title: Re: [2017-02-02] Nigeria: An In-Depth Look at Using Bitcoin in a Currency Crisis Post by: ByzantineGeneral on February 03, 2017, 09:41:13 PM In summary:
Remit $100 to Nigeria and there are the amounts in Nigerian Naira the recipient receives: Bank Wire NGN 32,000 Western Union : NGN 33,750 PayPal: Cannot received fund via PayPal in Nigeria Bitcoins: sell at LocalBitcoins.com Nigeria: NGN 47,100 Cash USD: NGN 49,500 Cash Dollars convert to the greatest amount of local Nigerian currency but there remains a problem: How does the expatriate Nigerian deliver physical cash dollars to his family in Nigeria? Using Bitcoin is a close number 2 in terms of the total return, but does not encounter the problem of physically transporting currency to the destination. Title: Re: [2017-02-02] Nigeria: An In-Depth Look at Using Bitcoin in a Currency Crisis Post by: ByzantineGeneral on February 03, 2017, 09:53:57 PM To @cr1776
Yes, inflation in Nigeria is currently 80%. Source: https://www.cato.org/research/troubled-currencies Nigerians can only protect real wealth against that with USD or possibly Gold or Bitcoin. But the beauty of the scheme to finesse false official USDNGN FX rate explained in the Bitcoinist article that I wrote is that the Receiver of the remittance wins by 50% over official rates with a constant Bitcoin price. Does not depend on Bitcoin price going up. Title: Re: [2017-02-02] Nigeria: An In-Depth Look at Using Bitcoin in a Currency Crisis Post by: btcjoin14 on February 04, 2017, 02:02:39 AM It does make sense for people in Nigeria to make Digital Payments because of how rough it is over there. The payment systems are popular on mobile phones and things like Venmo Pay: https://mic.com/articles/133994/stellar-this-startup-is-helping-nigerian-workers-send-money-home-to-their-families#.QEQKxcriZ
Startup's are using mobile payments more than paper bills. People in Nigeria could send 316,998,405.50+ Nigerian Naira with a simple charged up phone. Can you hear me now? Good. |