With an estimated number of over 250 million, Nigeria is the most densely populated country of African descent in the globe. Perhaps, as a result, the nation refers to itself as the “giant of Africa.” Despite being regarded as the business center of Africa, 50% of Nigeria’s population is estimated to be living in poverty, which is defined as earning less than $1 per day.
Since crude oil exports are the nation’s primary source of income, the economy and, consequently, the standard of life of its citizens continue to deteriorate as a result of rising living expenses. The incapacity of the nation to diversify its economy and stop relying entirely on the revenue from crude oil has been mocked by many experts as the country’s economic landscape plummets, impoverishing the vast majority of Nigerians in the process.
Increases the country’s revenue stream
Nigeria is hardly an exception as it too has been struggling to recover from the unintentional pause the pandemic caused. In the second quarter of 2020, Nigeria recorded a 27.1% rise in the rate of unemployment due to the epidemic. There is no denying that cryptocurrencies have improved Nigerians’ lives. A 2019 survey found that 32% of Nigerians bought and traded cryptocurrencies, with the country contributing $400 million in digital currencies. In terms of the amount of trade worldwide, this placed Nigeria third.
Offering Educational Possibilities
Nigeria also isn’t short in making use of the benefits that cryptocurrencies can provide for the world’s educational systems, just as several developed countries have already incorporated bitcoin education into their education curriculum. Paxful is a well-known cryptocurrency trading platform that prioritizes Nigeria’s development.
A peer-to-peer cryptocurrency platform called Paxful runs. In the follow-up, the exponential growth of cryptocurrency trades in Nigeria has a significant impact on many Nigerians since certain crypto trading platforms are pleased with the speed at which Nigerians are using them for buying and selling stocks, and as a result, they are willing to return the favor.
Easy Banking Method
With a paradigm shift from the conventional method of keeping money, banking is a lifestylein and of itself. Some might find it interesting that roughly 60 million Nigerians do not have a bank account at this point when the entire world is operating digitally. As amazing as it may seem, local regulations only allow bank account holders to withdraw an amount that is equal to or less than $100. But overcoming this obstacle has made mobile banking and bitcoin investment more popular. According to a 2017 study, 71% of Nigerians use mobile devices to access the internet and communicate, and as a result, they use mobile platforms like Prestmit to convert their cash into cryptocurrency. Consequently, by having this, Nigeria’s financial inclusion can be increased.
Last but not least, cryptocurrency has the power to fundamentally alter the financial landscape as we know it and put into question its very viability of established banking systems. Cryptocurrencies have had the possibility for spectacular investment gains and offer openness and independence from conventional financial structures.Visit the website https://bitpapa.com/nigeria to know more.