[2107-12-20] Nigeria Experiences Spike in Bitcoin Adoption

[moriskarlov]

Nigeria has witnessed a recent spike in bitcoin adoption, with the P2P markets setting a new record for trading volume thus far during the week of the 16th of December. Nigeria comprises the most recent African nation to experience a spike in cryptocurrency adoption, with Zimbabwe’s bitcoin prices having been among the highest worldwide for a large portion of 2017.

Nigerian P2P Bitcoin Markets Set Record for Trading Volume

Nigeria’s local bitcoin markets have established a record high for trading volume, with nearly 1,950,000,000 Nigerian Naira worth of BTC exchange hands so far during the week of the 16th of December. According to cryptocompare, Nigerian Naira/BTC trade comprises the 23rd largest bitcoin market by national currency as of this writing, seeing 101.45 bitcoins traded in the last 24 hours. The Naira/BTC trade accounts for approximately 0.03% of global bitcoin trading.

Nigeria is reported to have experienced the second largest growth in its P2P bitcoin markets, trailing behind only China after witnessing growth of approximately 1,500% during 2017.

Nigerian Bitcoin Adoption Swells Due to Fallout From 2016 ‘Dollar Crunch’

Manasseh Egedegbe, a Nigerian investment manager, recently told media of his decision to use bitcoin in 2016. After Nigeria’s central bank enforced strict capital controls designed to limit the use of U.S dollars throughout the nation. Mr. Egedegbe then turned to bitcoin, stating “I was able to use bitcoin to do just one transaction and then I got hooked.”

Mr. Egedegbe states that many Nigerians have been attracted to bitcoin solely for speculative purposes. He states that some Nigerians have grown tired of “seeing the price skyrocket,” and now “want a piece of the action.”

Nigerian Bitcoin Exchanges Proliferate

October saw the launch of two new Nigerian exchanges: Bitkoin Africa, cofounded by Timi Ajiboye; and Tanjalo, which was cofounded by Tim Akinbo. The exchanges appear to be establishing significant market share quickly, with Mr. Ajiboye claiming that almost half of Bitkoin Africa’s trading volume since launch took place during the first ten days of December, and Mr. Akinbo estimating that Tanjalo has facilitated close to $1 million USD worth of cryptocurrency since launch despite the company investing in “very little marketing.”

Mr. Ajiboye anticipates the future for crypto to be bright in Africa, citing the continent’s lack of “advanced financial infrastructure” as a likely catalyst for widespread future adoption.

https://news.bitcoin.com/nigeria-experience-spike-bitcoin-adoption/

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[iram1011]

African countries are increasingly adopting Bitcoin. First, Zimbabwe and now Nigeria. Bitcoin is giving African countries access to online payment portal which they are deprived of. No online business is willing to do business in Nigeria and hence, they have very few online payment options. Bitcoin is opening a new world to them. Along with that, African countries experience a high rate of inflation. Thus, Bitcoin can be a savior to them.

[Slow death]

African countries are increasingly adopting Bitcoin. First, Zimbabwe and now Nigeria.

Zimbabwe has financial and political problems and bitcoin being a currency of refuge has once again proved this.

Along with that, African countries experience a high rate of inflation. Thus, Bitcoin can be a savior to them.

Corruption and groupism are the biggest problems of Africa in my opinion, lack of political tolerance, lack of democracy, lack of an independent judiciary system are other problems that Africa must solve

Nigeria has witnessed a recent spike in bitcoin adoption

Since years, Nigerians are people who are interested in making money on the internet and I am not surprised by this news.

Nigerian Bitcoin Exchanges Proliferate

I wonder how the Nigerian government will deal with this situation.

[richardsNY]

The African market has the potential to become one of the main markets in the Bitcoin ecosystem at some point in the future. Countries in that continent can really spark actual Bitcoin usage, which is something the western market is more or less struggling with due to their already top notch financial infrastructure. Micro transactions in Africa is a big deal, and that's where lightning network comes handy, because this at the end of the day will play a key role in Bitcoin's adoption. At some point it might be so successful, that people don't even want to accept local fiat currencies anymore, which is something that might actually happen.

[darkangel11]

African countries are increasingly adopting Bitcoin. First, Zimbabwe and now Nigeria.

Zimbabwe has financial and political problems and bitcoin being a currency of refuge has once again proved this.

Along with that, African countries experience a high rate of inflation. Thus, Bitcoin can be a savior to them.

Corruption and groupism are the biggest problems of Africa in my opinion, lack of political tolerance, lack of democracy, lack of an independent judiciary system are other problems that Africa must solve

Democracy isn't a problem. Their attitude is. There is a reason why many African countries struggle with poverty. Do you know the history of Liberia? Black slaves wanted their own country so they were given a chance and we can see where it lead them. Millions of dollars were put into some African countries and they're still living in clay huts without running water and a will to change something. Like the time has stopped for them.

Nigeria has witnessed a recent spike in bitcoin adoption

Since years, Nigerians are people who are interested in making money on the internet and I am not surprised by this news.

Are you referring to the infamous Nigerian prince?

Nigerian Bitcoin Exchanges Proliferate

I wonder how the Nigerian government will deal with this situation.

Impose fees or find another way of stealing the profits. That's what African governments can do better than others.

[Rahar02]

Bitcoin has some advantages over fiat currency and this is one of the triggers which cause the spike in bitcoin adoption in Nigeria;
Manasseh Egedegbe, a Nigerian investment manager, recently told media of his decision to use bitcoin in 2016. After Nigeria’s central bank enforced strict capital controls designed to limit the use of U.S dollars throughout the nation. Mr. Egedegbe then turned to bitcoin, stating “I was able to use bitcoin to do just one transaction and then I got hooked.”

Every time, if there is an economics problem or political issues in a country which causes inflation, people will look at an alternative currency such as bitcoin, it has been proven works in Venezuela and Zimbabwe obviously. Whether now or later, bitcoin will always become a savior if such problems occurs.

[CryptoBry]

African countries are increasingly adopting Bitcoin. First, Zimbabwe and now Nigeria. Bitcoin is giving African countries access to online payment portal which they are deprived of. No online business is willing to do business in Nigeria and hence, they have very few online payment options. Bitcoin is opening a new world to them. Along with that, African countries experience a high rate of inflation. Thus, Bitcoin can be a savior to them.

Cryptocurrency is very much adopted to these nations as they are experiencing great tumult economically and even politically. This same story happened and is happening right now in Venezuela and now also in Zimbabwe and Nigeria. I am sure that Bitcoin is very much alive in the African continent. I am expecting the Bitcoin virus to further spread into many adjoining countries. It is good time to tell these nations that Bitcoin is here as their financial saviour.