Exploring the Rise of Bitcoin in Nigeria

Bitcoin gaining support in Nigeria

Over recent years, Bitcoin has become more and more popular in Nigeria. Considering that the Central Bank of Nigeria has banned the use of bitcoin in the past, it’s surprising that they are now exploring options for legalising bitcoin use in Nigeria. A study group has even been created to weigh the advantages of adopting bitcoin.

Bitcoin offers a new financial freedom for people in Nigeria. For instance, Nigerians can enjoy access to a global market, eCommerce, and low cost remittance when they tap into bitcoin.

Cryptocurrency has risen in popularity around the world because it offers an open access, decentralized economy. Bitcoin value reached a new all-time high of $5,856 per 1 last week, giving the booming cryptocurrency market edge over traditional investment. .

If you bought $100 of bitcoin 7 years ago, you’d be worth $140 million today

Now that bitcoin is accepted in Nigeria, platforms such as NairaEx have burst onto the scene.

With NairaEx, users can exchange Naira and Bitcoin, enjoy same day funding and withdrawals, and more. Since the service is designed to be quick, users can enjoy expedited turnarounds on transactions. This means that users can use bitcoin confidently despite market fluctuations. NairaEx ensures that exchange rates are set at the time of the transaction.

The emergence of bitcoin in Nigeria will forever change the economy by opening new doors for people everywhere.

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BTC Nigeria Editorial