How Economic instability fuels crypto P2P growth

[casey15]

As much as we don't like the current condition of our beloved country, the economic instability has played a big role in promoting and enhancing the rapid growth of P2P trading in Nigeria.
The reasons are because normal traditional financial system has become very restrictive and unreliable sometimes so people have to find alternatives.

The recurring weakening of naira and inflation has reduced purchasing power of our own currency so we have tomlook for where to preserve value of the small money we have.

Make we nor lie, access to foreign currency dey very hard. You need to go through a lot of process to be able to have dollar in cash on your hand through a bank. Na mainly bureau de change and black market person go fit access am easily.
This too has fueled the increase of P2P.

Another reason is because banks still have certain restrictions on crypto. But the restriction does not stop the demand of crypto by the public so instead of using official bank cards to buy crypto,we use P2P instead
 
Another reason could be the rate at which people work remotely and side hustles that requires payments in different currency. It has proven to be bmvery suitable for cross border transactions ..


One thing I know is that economic instability dies not necessarily create a demand for crypto instead it's accelerates it. As currency weakens alternative system like USDT gains more traction..

[Doan9269]

When people are tired of a particular system, they tend to seek an alternative. This has been what people wanted over time until we have Satoshi Nakamoto to invent Bitcoin in 2009, and ever after this became a success, the government has always seen it as a threat to their role in controlling the centralized economy.

With bitcoin p2p, we don't have to depend on the centralized financial institutions any longer, each of us can take control of his digital asset and also manage how to use it, make decisions on their own and be able to remain independent in financial economy, all these are part of what leads to the expansion of the p2p network and we can see from how there is increase in bitcoin adoption rate, because the solution needed lies in this decentralized bitcoin network.

[Joy_learns_crypto]

I did not think I will ever see elderly people in Nigeria ask about bitcoin, now some one know how bitcoin works. This is fueled by economic instability associated with government unhelpful policies and interventions like the tax imposition.
People Dey find themselves with no choice but to take bitcoin as alternative.