Why Bitcoin is Powerful in Nigeria
As a Nigerian, you could be unsure about purchasing and holding Bitcoin because of the lack of popularity in the mainstream media. However, Bitcoin is one of the advanced resources individuals look to possess in this period of tech innovation. Here are a few reasons why Bitcoin is powerful in Nigeria.
1. Decentralization
Bitcoin is very different from the Naira as it is a decentralized currency, which implies that there is no national bank or Institution controlling its activities.
Bitcoins movement is controlled by the market with all stakeholders getting a share towards the path taken by the digital currency. As a result of this, events like, national unrest and change of government does not influence the value of the coin. This is the significant motivation behind why Bitcoin has experienced a rise in its adoption around the globe. The users of the coin have a sense of security against government interference. It is no surprise that Nigerians have taken to trading with Bitcoin lately.
2. Definite Quantity
Bitcoin unlike traditional fiat money (Naira) has a particular number of quantities that can actually be created which is (21,000,000 BTC). This makes it hard for the coin to turn into an inflation coin, unlike the naira in which the government can choose to print more copies.
When there is a great deal of money available for use, inflation will eventually happen. With Bitcoin this is evaded as the total number of BTC in circulation is known; making the coin steady and impervious to inflation.
3. Cheaper International Remittance Cost
A significant issue that Nigerians face when buying products or services from international sellers is the cost of exchanging Naira to the currency of the seller and bank charges. You could be required to pay as much as 25% in charges for products and services which can be avoided with Bitcoin. Bitcoin eliminates the need for a third party and uses exchanges instead. This implies that transaction fee is the only cost you may be required to pay.
4. Great Investment Opportunity
Bitcoin is a great source of investment in the long haul as the cost of the coin has demonstrated upward development and hit its all time high just last month. You could very well invest in bitcoin as against saving your naira in a bank. Bitcoin trading is another way you make extra income from the crypto industry.
5. Faster Transaction Speed
Bitcoin utilizes blockchain innovation to power exchanges, prompting quick and secure transactions between users. Sending or receiving international payment could take a few hours or days using the conventional money transfer systems. With Bitcoin, such transactions are completed within minutes.
Cryptofully is a digital payment platform that allows users to send money to any Nigerian bank using cryptocurrency. With Cryptofully, users can send and receive crypto payments from anywhere in the world and cash out into any Nigerian bank account.
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