Simple Reasons Why Cryptocurrency Is Necessary for Nigerians

[MisFoxie]

In recent years crypto become popular in many countries Nigeria is also one of the country.. Many Nigerian people especially young people, use crypto such as Bitcoin, Eth and usdt for savings and also for trading. People use crypto for sending money and sometimes for online business. This kind of popularity didnt hapen overnight. be cause Nigerian face many problems like economic problem and financial problem but cryptocurrency gives almost all the solutions for those problems. As most people know cryptocurrency is digital money that work with internet using Blockchain technology. Traditional money like Naira is controlled by bank and government but cryptocurrency on the other hand is not controlled by any bank or government. Instead it is decentralized, transparent, secure and fast that's why crypto become a powerful tool for Nigerians.

Protection Against Inflation and Naira Devaluation

• One of the biggest problem in Nigeria is inflation and the fall of Naira value. when money lose purchasing power for example In 2020 50kg of rice price was approximately ₦25,000 then in 2025 rice price increased to approximately ₦75,000 and if we talk about Naira international value In 2020 380 Naira was equal to $1 Us dollar. But now ₦380 Naira equal to $0.27 US dollar. You can see the gap between Old and new prices of products and Naira value.
• But crypto on the other hand especially bitcoin has limited supply so it cant be printed endlessly like treditional currency. People also like stable coins like usdt and usdc helps Nigerian protect their saving. Bitcoin is also best because it keeps increasing its value over long time. Thats why many people use Bitcoin for long term saving. With crypto Nigerian can protect their money from inflation and maintain its value, even make profit if make long term investment is made in Bitcoin.

Easy and Fast International Payment

• One of the reason why crypto is necessary is because of its fast international money transfer. Sending and money across country sometimes take many days . And sending money through bank internationally charge high fees. They even set many restriction when it comes to international payments.
• But cryptocurrency solves this problem, with it Nigerian can sent money internationally instantly from anywhere in the world with just a smartphone and internet connection. The cost is also much lower than bank transfer. Because of the benefits  freelancers, content creator or many other type of people use crypto to  receive payment from foreign countries..  

Easy Accessibility

• For many reasons many Nigerian doesn't have the access of traditional banking service. Some lack documents, for poverty, distance form bank, or strict banking rules.
• But cryptocurrency sove this problem many way. Anyone with smartphone and internet connection can create a wallet within a minute no bank or peeper work or approvals process is needed. There is no minimum balance requirement so anyone can invest or start saving with small amount. So it's also ideal for low earning person. Crypto can be transferred crypto peer to peer instantly thats mean people can initiate transaction without needing for banking agent or any middleman. Users get full control of their own fund. They are immune to banking restriction, account freezing. so people can invest and keep savings with peace of mind.

Business Growth From Global Trade

• Cryptocurrency can also help Nigerian business and individual with connecting to global economy , overcoming banking restriction and grow faster.
  Easy International Payments: many freelancers, exporters and online sellers face problems because of limits and restrictions in international payments. But on the other hand  crypto allow us to receive payments from anywhere in the world instantly and transection cost are also very lower than bank thats why it makes business more profitable. Easy Access to Global Markets: with the access of global markets through crypto Nigerian can sell products and services in other country online. Can receive payment from international clients and can expand their customer base to worldwide.

[MagnificentX]

OP is the thread about Bitcoin or it is about Cryptocurrency in general because if you are discussing about crypto, there are shitcoins that should not be mentioned when talking about National affairs. Bitcoin is the only digital currency that can be trusted to the point of even involving it in business transactions if not you are buying a free ticket to losing your business profits and even capital.

But crypto on the other hand especially bitcoin has limited supply so it cant be printed endlessly like treditional currency. People also like stable coins like usdt and usdc helps Nigerian protect their saving. Bitcoin is also best because it keeps increasing its value over long time. Thats why many people use Bitcoin for long term saving. With crypto Nigerian can protect their money from inflation and maintain its value, even make profit if make long term investment is made in Bitcoin.

I can only agree with you on the ground that Bitcoin increases it's value over a long period of time but on the aspect of Nigerians protecting their money through Cryptocurrency, I strongly disagree with that. Cryptocurrency is a general term for coins in the digital space even covering Shitcoins and Altcoins. I will never advise a Nigerian to save his or her money in any digital currency apart from Bitcoin because these coins are not stable and you are booking a one a way ticket to loss.

[AmaGold70]

Investing in cryptocurrency, particularly Bitcoin will save us from many financial and economic problems as Nigerians. We are in a country with economic crash, leading to inflation and financial devaluation and as Nigerians, we can become remedy to this biting situation. How, Bitcoin is known to solve inflation problem, sustain the value of your money and also add value to your investment on the long run, so investing in cryptocurrency like bitcoin can save us from these economic problems. With Bitcoin, we have access to our fund any day and any time and you make your transactions at your own will, Unlike the traditional banking that controls your money and have days of operation.

[FirmWars]

If person mention crypto, it is assumed say the person they talk about all these anyhow altcoins and memecoins way be say once you carry your money but them, your name done become sorry because them go while you ehh, you go use them they get hope but you go just they disappointed for road. If nah Bitcoin you they talk about, e they better because the hope way people get for Bitcoin strong pass the hope way many people get for altcoins.

When you wan buy altcoins, just carry for mind say this investment be like gambling oo, although we still get altcoins way be khajad coins but their weight no still reach Bitcoin weight, as person way they into digital currency, you fit use some of all this khajad altcoins take hold body with your Bitcoin portfolio way done already rise like bread way they inside oven. No joke with your Bitcoin even though you wan add am some khajad altcoins.

OP, watin you talk done make sense ooo but since e be say nah altcoins you they refer to, you for make am clear too, before altcoins and risk they waka for the same road, no be say e bad 100% if you fit manage the risk but Bitcoin go make your mind they free small than altcoins.

[Odohu]

Be specific when mentioning cryptocurrency in your explanation because there are more fake projects out there than real asset that can earn you money. Not being able to understand this was the reason a lot of us invested wrongly and lost so much money before we learnt with time and with tears. Hence, it is important to specify that Bitcoin is the surest asset to invest in to be sure that your money will not disappear. There are other good altcoins out there but none of them is beyond failing since none is like Bitcoin. Therefore, Bitcoin should be considered first before any other thing can take up small part of the investment capital.