Nigerians are most likely to be unbelievers, not in Christ but in any scheme, and that’s the challenge Bitcoin and other cryptos are facing in the country, the country has trusted more than enough scheme both locally and internationally and all end up disappointing, schemes like MMM,Diamond cash and many others deceived Nigerians into investing, promising a huge returns, initially it looks so realistic, and was booming for few months not until awhile everything bursted, Bitcoin and other cryptos are also looked in such manner, even though its still in use and accepted by some organization in the country, lots still cant trust the digital currency.
ARRIVAL OF BITCOIN
Bitcoin came into Nigeria when the citizens are facing financial crisis in 2016, where international trading was limited due to insufficient foreign currencies, The common factor for Bitcoins in both Nigeria and the USA as at those times is the isolation from financial crisis and that it serves as a great medium for exchange. The implication of this trend is that while currencies are at the risk of government interferences, Bitcoin does not follow this trend. Thus during financial instability Bitcoin becomes more viable in the country.
In Nigeria, Bitcoin primarily serves as an alternative investment opportunity that is not under the influence of any economic pressures or uncertainty.
WARNING AGAINST BITCOIN
Earlier this year the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele , has said investing in virtual currencies such as bitcoin, is a “risk that cannot be supported” by the apex bank. Emefiele stated this in an interview with reporters in Abuja.
He added the “dangers” in bitcoin trading, saying he had commissioned the bank to carry out research into the market to understand underlying issues.
Nonetheless some investors and organizations still want to take the risk, they see bitcoin as a reasonable risk and totally different from the past scheme in the country
The great thing about Bitcoin in Nigeria is that it is easily accessible and with the use of a debit card or bank transfers, users can easily buy or sell Bitcoins at their convenience.