Nigeria Is Emerging As A True Bitcoin Nation

Nigeria Is Emerging As A True Bitcoin Nation

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Dorsey, a Bitcoin enthusiast, concluded that African nations have the ideal conditions for the flourishing of cryptography: weak local currencies, which make it harder to obtain the dollars needed for global trade; Complex and expensive money transfers and - perhaps most importantly - an enthusiastic, young, tech-sordid and increasingly desperate population.

Nowhere in Africa is this more true than in Nigeria, which leads Africa in trade volumes in the paxful (P2P) person-to-person (P2P) crypto exchanges. The West African nation (average age 18) is a technology center; it's always at the top of the Bitcoin search stops on Google and, according to one search, has the highest percentage of crypto users in the world. But most convincing is the evidence that bitcoin inventor Satoshi Nakamoto's original use case for Bitcoin as a payment tool is thriving positively in Nigeria.

In Nigeria, Bitcoin is "a necessity, as opposed to a luxury or something cool that you can use," said Akin Sawyerr, a U.S. crypto center and ecosystem builder who is part of the Barnbridge risk protocol operations team. . "For many people, it's basically a lifeline to keep their business running."

Read the full story at: decrypt.co.

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