Political Economy of Bitcoin in the Third World Nations (Nigeria)

[Agbe]

Political Economy of Bitcoin in the Third World Nations is the process in which Bitcoin affect the economy of the country.

Bitcoin is one of the highest electronic currency that is used to buy and sell goods and services online.

Third world Nations are the underdeveloped countries in the world.

Nigeria is one of the third world countries in Africa which her upper and middle class do not want her youths to progress, rich and wealthy. Nigerian government refuses to employ her unemployed and graduates, that making them to sort for other means of livelyhood.

Therefore, when Bitcoin was introduced to the country, the computer wizards and literates Became interested and key into it and become prosperous.

Bitcoin which is one of the highest currency in the international exchange market reduces Nigeria currency, because people were using it's to exchange, transact goods and services online more than Nigeria currency.

So, Nigerian government banned the use of Bitcoin in the country and later creates "E-naira".

Bitcoin helps Nigerian talented jobless youths. The government and its agencies tagged those prosperous Bitcoin traders as Yahoo boys, internet  fraudsters, and scammers although they are people doing all these but not all internet users. The government uses these slangs to hunt them down the without investigating their source of income because Nigerian government hate to see any of her youths living well.

[Smartvirus]

Change is good but it often comes at a great cost. For third world countries, I think one of the major challenge they have with cryptocurrencies isn't just about the cruptos themselves but also look towards the developed countries and wonder why, in all there wisdom are yet to accept bitcoin along with other altcoins for a means of exchange.

One way or part they choose not to see things is the way El-Salvador see it now. As a way to bring in rather than take out. We are at the verge of watching a nation take risk and get rich while we wait at being second. Being second never counts so much as being first, third world nations should look towards a utilization of the opportunities of today in decentralized new world order to better suit in the times to come.

[Rruchi man]

Change is good but it often comes at a great cost. For third world countries, I think one of the major challenge they have with cryptocurrencies isn't just about the cryptos themselves but also look towards the developed countries and wonder why, in all there wisdom are yet to accept bitcoin along with other altcoins for a means of exchange.

The problem of third world countries is old, uncreative leaders with rigid mentality and ideologies that are uneasy to change and advance. Nigeria is a good example of a country where everything is supposed to be good based on human and mineral resources but unfortunately what we see is something short because of incapable and corrupt leaders that rather loot public funds than think and research on new innovations that could lead the country forward. Good thing change is also constant as well, so we still keeping our fingers crossed for the future.