In the Face Of a Failing Economy, Nigerians Run to Bitcoin For Safety
The wave of Bitcoin awareness is sweeping across the largest black nation on earth. Known for their enterprising ability, Nigerians have proven to be a prominent force on whatever idea or venture that finds it’s way into the acceptable space of the society. Probably due to the prevailing economic situation which has seen the nation slide into recession, coupled with an inflation rate that has increased significantly in the past few months, citizens have resolved to seeking alternative income in superior currencies. Vic Chimex, Principal government radio reporter and a Bitcoin investor,....
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According to social media reports, Binance, the world’s largest cryptocurrency exchange, is restricting the accounts of African users, mainly Nigerians and those who use its peer-to-peer (P2P) exchange. Many Nigerians have gone to Twitter to complain that their accounts were blocked by the exchange without explanation. #BinanceStopScamming Trends Many Binance users, particularly Nigerians and other […]
Although their central bank is attempting to outlaw use of cryptocurrencies, it’s clear that Nigerians have real need for access to bitcoin. The post Nigerians Need Bitcoin, So Where Will The Restrictions Lead? appeared first on Bitcoin Magazine.
More effective transaction processes and lower charges encourages Nigerians to seek cross-border employments amidst harsh local economic conditions. Jonathan Chester, President of Bitwage, says to Cointelegraph: “When it comes to the unbanked, now they have a way to receive international wages in a convenient and scalable fashion. There is nothing scalable or safe about needing to go to the same cash withdrawal location on every payday, to grab a bag of cash which you need to smuggle back home to hide underneath your bed.” The nation’s failing economy. The dwindling economic situation has....
The price collapse of “black gold” locked Nigerians into their economy. Now, “digital gold” is providing some Nigerians with a way out. Only three years ago, crude oil cost over $100 a barrel. But that peak came tumbling down. Throughout 2014 and 2015, oil prices took an almost unprecedented plunge to the $30 range, and is currently trading around $50 a barrel. As the lifeblood of Africa’s largest economy, Nigerian income from exports plunged with it. Faced with dwindling foreign currency reserves, Nigeria’s central bank was quick to impose capital controls. Whole industries were banned....
Although their central bank is attempting to outlaw use of cryptocurrencies, it’s clear that Nigerians have real need for access to bitcoin.