Nigeria is now the No.2 bitcoin market

[Upgrade00]

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 agree with you here. A corrupt government would have a system which is designed to favour the elites (making up less than 2% of the population) while the masses are alienated from the wealth of the nation, the citizens are therefore forced to use an alternative and decentralized system, like Bitcoin.

One example of this utility was experienced during the recent protests in Nigeria; The government attempted to block the fundings for protests by freezing accounts linked to them. In response, the individuals switched to Bitcoin addresses to accept donations as the corrupt government has no regulatory power over it.

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[SATWAT]

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 agree with you here. A corrupt government would have a system which is designed to favour the elites (making up less than 2% of the population) while the masses are alienated from the wealth of the nation, the citizens are therefore forced to use an alternative and decentralized system, like Bitcoin.

One example of this utility was experienced during the recent protests in Nigeria; The government attempted to block the fundings for protests by freezing accounts linked to them. In response, the individuals switched to Bitcoin addresses to accept donations as the corrupt government has no regulatory power over it.

Nigeria and South Africa these two countries have some good potential for bitcoin as these are really populated and better countries in this all area but sadly in last few decades bad governance is hitting badly to them specially in Nigeria they have some good number of problems which are growing badly day by day if they bring some better system and give rights to low level peoples then surely they can handle things much better then right now and they can go much ahead in this technology as they already rich in natural resource's but sadly corrupt politicians and poor system all eating not giving to middle class or low class as they can also contribute in this all.

[Nhor1011]

Another proof that the government can't stop people from using bitcoin and other cryptocurrencies and later on the government will follow the people and legalize bitcoin.

I believe not only Nigeria but also other countries will follow their footstep.

[erikoy]

Still, I am happy that Philippines had been part of it in the list. Though that only few marketcap was only listed in the Philippines in which I do believe that it could do more good in the future as time pass by. There could only be few hindrance that prevent the Philippines to grow and possibly because of so many scam networking running and introduce wherein mostly are just for scamming. So sad but this is true in Philippines where many people invest in scam networking ponzi scheme.

[Ken_terrance]

Interesting numbers. I didn't follow the trends/numbers, hence I am surprised. I was expecting China and Russia, maybe Australia too higher ranked than Nigeria.
Also interesting to see that Germany and Russia aren't even in top10.

Hats of for the Nigerians! They seem to know what they're doing.

The economy situation in nigeria is very very poor, crypto is the best thing to turn things around and many young people in this country are fully into crypto trading, this have change the life of many nigerians, the government don't have a solution to the economy problem and youths have been advised to look into digital currency.

[DarkDays]

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 agree with you here. A corrupt government would have a system which is designed to favour the elites (making up less than 2% of the population) while the masses are alienated from the wealth of the nation, the citizens are therefore forced to use an alternative and decentralized system, like Bitcoin.

And this is why Bitcoin has grown massively among Nigerians. Bitcoin is the perfect fit for a government where only a few are favorite by the system while the majority fight for the scraps that are left. It seems to me that the Nigerian government did not really have a choice in the matter, and in fact, it started legalizing it in order for them to get more money by way of tax.

[Bitstarzisascam]

That's probably the stimulus money that the nigerians frauded.

[CryptopreneurBrainboss]

Nigerians are also using Bitcoin the right way, through decentralized and peer-to-peer platforms

Saw this article pump up on my timeline few days ago after the CEO of twitter retweet the tweet indicating this recent developments. At first it was something worth celebrating but after reading the article and found out the numbers were just for paxful I lost interest on posting it on the forum. Although every milestone is worth celebrating but we're bigger than this as a country as we're doing big numbers on other platforms.

We need to start toping the charts globally and not just on less important exchange that don't have much volumes, already we're among the top traded fiat on binance almost daily via their 24hours trade volumes. Billion of Naira which is equivalent to millions of dollars are been traded daily just on binance. Nigeria as a country is facing difficult times in regards to the growth of their economy so it's understandable why the citizens are turning to other alternative which bitcoin is the best option due to the simplicity of the industry. Nevertheless congratulations to all the bitcoiners from Nigerian for this achievement.

[Lucius]

For Africa, it is often pointed out that it is a continent that will explode in economic terms when the level of democracy rises to a higher level, and when bribes/corruption are significantly reduced. The problem is that most of the Western world, which considers itself civilized, actually wants Africa to stay behind as long as possible so that they can use its resources cheaply, and I mean not only cheap raw materials, but also the export of hazardous waste that rich countries do not want.

However, what people in Africa lack the most is education and access to technology, but this is slowly changing, and we see in the example of Nigeria that people understand very well what Bitcoin is and what its benefits are. I believe that many will live better and make their dreams come true with the help of Bitcoin.

[masterzino]

An interesting decision of The Nigerian Security and Exchange Commission.

Are Nigerians using so much crypto because they don't trust the Nigerian naira or is there another fundamental reason behind this?

[lepbagong]

Is good to see most of the countries accepting and promoting cryptocurrency. I am not surprised to see Nigeria becoming the second-ranked in the market.

why can you say not surprised that nigeria is the second crypto rank, what underlies you are not surprised !! I am actually surprised because Nigeria can get into second place because geographically and their knowledge is still far from being possible, such as India which is more technologically advanced.

is there any underlying you do not see this a surprise !!
Moreover, we know that even though the country is rich from its oil products, many of its citizens are still poor. It must be remembered that Nigeria is not the richest country in Africa, Nigeria is only ranked third behind South Africa and Egypt.

[Shasha80]

I am very happy to know that Nigeria is the second largest Bitcoin market, this shows that the enthusiasm of the Nigerian population towards
Bitcoin is quite high. Moreover, Nigeria comes from the African continent which is indeed underestimated, perhaps because most countries
in Africa are indeed poor. But that does not prevent the Nigerian population from owning Bitcoin, even Kenya and South Africa are among
the African countries that are in the top 10 largest Bitcoin market. Although I am not a citizen from African continent, but I am very happy
with the achievements that have been achieved by the Nigerian country, by being the second largest Bitcoin market country.

[Vageta420]

iirc Nigeria also has some crypto infrastructure for citizens like atms etc which is sweet.

[Pokapoka124]

Incredible stats! Who would think a third world country would be leading in bitcoin market... Incredible

[oktana]

I know I've seen enthusiastic Nigerians around this space but, I'm quite amazed at that stats. I'm hoping that other African countries follow the footprints of Nigeria.

[Zionatin]

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.

[verita1]

Congratulations to Nigeria.
According to this article in Decrypt one of the powerful reasons why Nigerians are buying bitcoin is because they need to get out of the devaluation and recession that their local currency the Naira has had.
The growing volume of cryptocurrency traders in that country is notorious. According to the statistics shown. I very much wish that Nigeria can get out of the sad situation that devaluation brings to a nation.

https://decrypt.co/49487/nigeria-is-emerging-as-a-true-bitcoin-nation?amp=1

[buwaytress]

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 agree with you here. A corrupt government would have a system which is designed to favour the elites (making up less than 2% of the population) while the masses are alienated from the wealth of the nation, the citizens are therefore forced to use an alternative and decentralized system, like Bitcoin.

One example of this utility was experienced during the recent protests in Nigeria; The government attempted to block the fundings for protests by freezing accounts linked to them. In response, the individuals switched to Bitcoin addresses to accept donations as the corrupt government has no regulatory power over it.

A lot can be learned from the Hong Kong experience too, as this is precisely how Bitcoin helped the citizens avoid the extreme surveillance from their oppresive governments. They opened up all kinds of p2p channels for BTC payments. I read about how groups would help buy train tickets for a lot of people, accepting BTC as payments and then distribute the tickets electronically (police tracked people from ticket vending machines and could see who attended rallies, for example).

Other groups did the same to buy supplies and food to feed the protestors while they camped, knowing their bank accounts, mobile apps, etc were all completely tracked.

[Sirait]

An interesting decision of The Nigerian Security and Exchange Commission.

Are Nigerians using so much crypto because they don't trust the Nigerian naira or is there another fundamental reason behind this?

^ I didn't expect Nigeria to have such a huge enthusiasm for Bitcoin. Bitcoin is a savior for those who live in areas with low per capita income. It is possible that in the future, Nigeria will become a country that is very fast in fully adopting cryptocurrencies.

[Smartprofit]

The Nigerian government is very smart.  Such actions will make Nigeria the richest country in Africa.  Bitcoin is the perfect reserve currency.  Those countries that create bitcoin reserves in the 21st century will receive a powerful impetus in their development.  

Between 2010 and 2019, bitcoin holders were miners and retail investors.  

Institutional investors will become bitcoin holders in 2020-2029.  Now we see the beginning of this process.

In 2029-2039 countries will be the main holders of bitcoins.  Bitcoin will be the main part of their gold and foreign exchange reserves.

It makes sense to start accumulating bitcoins now.