Breaking: The State of Bitcoin in Nigeria

The State of Bitcoin in Nigeria

bitcoin in nigeria, the vision of Satoshi Nakamoto which has caught so many attention and interest is not only for those in the first world country but even developing nations in Africa.

Nigeria one of Africa’s richest country located in west Africa is a fertile ground for cryptocurrency like bitcoin and other altcoins, Nigeria has population of over 180 Million citizens with lot of the unbanked and spread across 36 state and the federal capital territory.

The state of cryptocurrency and blockchain technology which is the underlying technology for bitcoin and related altcoins is still in it infant stage with lot of people not aware of this cutting edge technology that powers bitcoin the first successful cryptocurrency created in 2009.

The government of Nigeria has warned it citizens to stay a way from cryptocurrency stating they are unclear about cryptocurrency hence still reviewing the technology, some banks in Nigeria has issued warning to their customers about buy bitcoin thus putting fear in the heart of citizens who want to venture into the light of cryptocurrency

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To make matters worse, the Nigerian economy in the past years has not grown significantly and the fight against corruption is nothing to write home about as the government is not properly fighting corruption such as tax corruption, un-executed contract and other forms of corruption but busy fighting money laundry without considering to study what blockchain is and how this can fight corruptions in Nigeria.

With the harsh economy, many fraudulent program sprung up using bitcoin as a form of payment thus Nigerian who knew little or nothing about bitcoin and how it works ventured into this programs with the aim of making quick money to solve their problems and live a better life end up crying, majority of this participant lost all their invested capital to scammers therefore naming bitcoin as scam, this really shows that in the country where the is no light of knowledge ignorance is inevitable, we all know that bitcoin is not completely anonymous  so some of this scammers could be tracked.

Read Also:Beginner’s Guide to Cryptocurrency Wallet

The law enforcement agents in Nigeria also have their own share, this is not coming into play as surprise when citizens who are running legitimate blockchain/cryptocurrency business such as crypto trading, master nodes, ICO (Initial Coin Offering) Investors or even bloggers are arrested because of thousands of dollars they withdraw into their local account, there is no investigation made to check and verified that this people are the saints and since the law enforcement agents do not know anything about blockchain or cryptocurrency business in Nigeria, hence they label the good people as scammers but if we all recall, in 2018 a popular ponzi scheme program know as Micheno pulled about N27 billion, since a trader has the free mind that what he is doing is legit and does not harm anyone he tend to make those transaction through some cryptocurrency exchange like luno into his account, the total amount is not even close to one third of what micheno took from Nigerians

The way forward on the state of bitcoin in Nigeria

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Most Nigerians who have taken time to study blockchain technology, bitcoin has become their hobby and are ready to educate individuals who are willing to learn, one of such is the Cryptohub Academy with sound teachers like Chris Ani

Read Also: Bitcoin Top 11 Pros and Cons of Bitcoin

The Nigerian government should take note that if they really want to fight corruption then blockchain is the way, if the government is afraid of introducing blockchain technology in the financial sectors there are sectors such as education which will play vital role.

Example, many certificate in Nigeria are fake and so many graduates are pouring out of the university every year with no job, those who buy result and those who are real graduate cannot be distinguish, if all the results and admission information, project and certificate of the real graduate are store on blockchain then fake certificate will be easily eliminated, also if transcript are issued using blockchain then verification of the activities in school, results and transcript will take less time to check for the authenticity of any certificate.

In Nigeria, there is no unified database. Example, if you buy a telephone number today giving all your biodata, you can come back to buy another number with that same network and you will be ask to give your biodata again and again, blockchain can help verify and add new line to your profile or collection of numbers attached to you if implemented.

Blockchain is yet to be adopted, Nigerians should not wait until other countries become fully vested in it before waking up from slumber, education is power while in blockchain business, bitcoin is the king to those who have the knowledge of what blockchain is all about, get involve in learning today.