Country like Nigeria, Somalia where deflation is at the top, the banknotes has zero value (even a white piece of paper has more value than the banknotes)
You may need to do more research about African nations. Nigeria and Somalia cannot be put in the same sentence. Nigeria is one of the largest developing nations in the world and currently the largest economy in Africa (both Nigeria and South Africa have been interchanging the top spot for many years). With an annual GDP of about $450 billion in 2019, Nigeria's GDP was higher than all except 11 European nations.
About the currency, the Naira certainly doesn't have zero value and with recent policies being suggested by the CBN, it would become less influenced by external factors, reducing the spread between the bank exchange rate and that of the black market.
Apology, I did not have this data in mind about Nigeria and South Africa. I meant African countries like Somalia where literally the note means nothing (just to remind you that my knowledge are limited again).
However, isn't Bitcoin is something that is useful for any country specially countries where government are corrupted, never think for the citizens but their own.
I am from South Africa and to me that data looks wrong. I am sure there is more money than that invested in bitcoin here. I am shocked about Nigeria. Maybe because there so many scammers there they love bitcoin as their "payment method" xP
I am surprised and proud that South Africa is embracing bitcoin. Let me show you something shocking....
As you can see it just goes down....
10% each year to be exact plus inflation. Making my local currency lose 15% of its value each year. In fact, putting my local currency into USD in 2010 would mean I would have 2x the amount, which actually just means the buying power remains the same since 2x more then now is about how much more things cost anyway. So simply by keeping USD you only lose 5% from inflation.
However, if you look at bitcoin the chart just goes up, and even when it went down it was ok and was profitable for some. So most of my funds are actually in crypto and I only use my local currency for small amounts ( a few 100 $$) I convert into local currency every now and again. Yes the government here is corrupt and pathetic but the laws are very good. I know that makes no sense but somehow it is what it is.
Many people turn to crypto. The thing is for me, why should I pay tax when the government just pissed the money away? Some people here can't even afford food. I would much rather give my money to them.
It feels like it's just encouraging them by paying tax. They even tried to setup and tax every freeway here. Guess what happened? 99% of people don't pay it and refuse to pay it. If they did that with bitcoin the people would do the same.
Like by law you are supposed to pay these "tollgate tolls" but I don't know a single person who does and I certainly don't and I look down on those who do. Another thing is speeding fines and minor driving offenses, they love those. Easy tax money. I see speed camera as a bitcoin miner for the government that mines speed. xD That is all it is, just a money machine. It has nothing to do with anyone's safety. But they will tell you that it does.