Bitcoin News BitX Adds Nigeria as Its Leading Bitcoin Market of the Emerging World BitX, the Singapore based Bitcoin exchange with offices in Cape Town, South Africa and Jakarta, Indonesia has. Bitcoin News has been following the fortunes of peer-to-peer Bitcoin marketplace Paxful since covering Africa in our Humanitarian Blockchain series published last year. One Crypto Briefing interviewer was lucky enough to catch up with company founder Ray Youssef to discuss the ups and downs of the company’s Africa project. Dec 17, · According to an analysis of bitcoin trading platform Paxful’s database shared with ute-strohner.de, Nigeria has traded the equivalent of 60, BTC – more than any other country in the world. Only the U.S. exchanged more bitcoin – , BTC.
Nigeria bitcoin newsBitcoin In Nigeria: The Journey So Far - BlockNewsAfrica
Currently, governments on the continent spend significantly less than the global average with most countries spending three times as much on connectivity. Low education levels and the high cost of internet capable devices have been cited as contributing factors to the current slow uptake of the internet in many areas of the continent. The uptake of digital currency has been prolific in Africa over the past two years, with many countries taking on the advantages that currencies such as Bitcoin offer over local fiat currencies.
Coindirect co-founder Stephen Young says that Africa has unique problems and these must be considered in any startup plan for cryptocurrency adoption on the continent. In terms of African fiat currencies, Young identifies their systemic volatility, insecurity and lack of governance as factors that the crypto space need to take on board: He argues:. As Africans, it is our responsibility to help build the infrastructure and we need to be a part of the revolution.
One country is attempting to address this disparity. The project began in in order to boost broadband services and attract foreign business investment. The collaboration aims to promote economic growth by banking a large number of the mainly rural residents that do not have accounts, as well as offer more efficient methods of transferring money. Right now, the primary method of delivering cash outside of towns and cities relies on bus transfers, a situation that is highly vulnerable to pillaging en route.
Across Nigeria , there is a lack of traditional bank branches and technology such as desktops for citizens to access their bank accounts. Mobile phones capable of managing blockchain wallets are, however, something most Nigerians do have in their possession, making the project to overturn economic exclusion a highly feasible solution for success.
Blockchain banking can improve the situation for unbanked Nigerians by allowing them to make financial transactions of any size to another individual with a blockchain-backed wallet, no matter the geographical location of both parties. This adds enhanced security over traveling across the nation that is suffering from civil disruption with cash, also saving people the time they would take to physically travel.
Another benefit that blockchain provides is transparency over the movement of finances, something NGOs have been fighting for because a lack of evidenced bank transactions can hinder demographics that are attempting to move into the larger economy. Take, for example, the difficulties of renting a property in a major city without providing your banking history. Blockchain banking solutions in Nigeria have the potential to increase productivity with a nearly immediate effect while supporting the empowerment of women and marginalized communities who can not access traditional bank accounts in the country.
A new Nigerian blockchain hub is being launched by the government in conjunction with a UK blockchain firm. The popularity of Bitcoin in Africa continues to grow, enabled by the presence of a greater number of cryptocurrency exchange platforms.
There are benefits to cryptocurrency ownership that are unique to the continent of Africa, many devolving from the widespread unstable economic conditions. Google searches reveal that , Nigeria and South Africa are frantically searching online when it comes down to cryptocurrency and Bitcoin. Many nationals fall foul of inflation and hyperinflation, resulting in weak and unstable financial systems.
Recently, countries such as Zimbabwe, South Sudan, and oil-rich Nigeria have all suffered, many of these countries with inflation rates well into the hundreds of percentages. In these situations, it is hardly surprising that the people look to a more stable form of a monetary solution in their daily lives.
She argues:. We have all major world governments scrambling to make sense of it and world leaders sharing their views on the currency. For the past years, our world has relied on the European legacy banking system for means of payments and transactions. Bitcoin is definitely challenging the traditional way when it comes to the transfer of value. Just like the internet changed how we shop, bank, date and find information.
Nigeria is looking to this kind of future with its new Africa Blockchain Lab in the Kaduna area, designed to create blockchain growth through crypto solutions across the region. Blockchain activities in Nigeria have already put the country on a concrete technical foundation.
Many experts, therefore, predict that Africa stands to profit more than any nation on the planet Bitcoin can make a significant impact in Africa over the next few years, as it is the only global asset to provide financial inclusion for everyone in the world.
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