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Nigeria has many reasons to favor bitcoin over their national currency

Published 2 years ago

Nigeria has many reasons to favor bitcoin over their national currency

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While some crypto investors fear over the value of bitcoin, which seems to be in trouble once again, others see it as a solution to their financial problems. For those who didn’t think it possible, here it is, a national currency more troublesome than bitcoin, the Nigerian Naira (NGN). No wonder Nigerian entrepreneurs are turning towards bitcoin to manage their businesses - on a national and international level.

Here’s an overview of the history of NGN/USD over the last five years: And this is Bitcoin’s (vs. USD) behavior: Both unstable, but one thing is sure: Bitcoin climbed up over the years, having started July, 2013 with a value smaller than $100, while the NGN lost more than two-thirds of its value. Changes in the value of NGN can happen overnight as well and businesses are often faced with major loses as a result of its instability. Therefore, a few tech geeks opened the way to a new era for Bitcoin in Nigeria.

A Nigerian IT business, for instance, buys hardware from China. In addition to a much faster process (by days), his business doesn’t have to pay bank fees or rely on external services at all. Such stories might explain why Nigeria’s investment in cryptocurrencies reached as much as $5mi. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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