Buying Bitcoin in Nigeria the potholes

Bitcoin and other cryptos are money

So far in our string of informative articles, we have established that bitcoin and other related cryptocurrencies are legit. They are currencies in their own right, they lose and gain value and respond to market forces too. The mechanisms that made this possible are explained in this article here.

In the last article I explained how to buy bitcoin and in this post I will explain the concept of peer to peer payment systems (P2P).

Why cryptocurrencies haven’t deepened in Nigeria

To be honest, it’s a shame that Nigeria, being the largest economy in Africa is yet to adopt cryptocurrencies as other African countries have.

One of the reasons for this can be traced back to early 2017 when bitcoin peaked. The early adopters in Nigeria were using a peer to peer system to sell bitcoins. They built businesses around that, local payment systems, few of them survived the era and fewer scaled.

Their major problem was (is still) fraud. Many of them got greedy, and swindled people. Fraudsters copied their style and defrauded many.

The earlier blow before that was the MMM crash which made people concluded that cryptocurrencies are another ponzi.

As the market adjusted and more sensible people begin to investigate bitcoin, some payment platforms started springing up which may be the solution to the low adoption of cryptocurrencies in the country and even bolster government’s will for a regulatory policy, if they ever could bring it up.

How P2P worked in Nigeria

Basically, the sellers will tell you they have bitcoin for sale, you send them money and they credit you. Or the buyers will tell you they buy crypto, you send it to them then they send you money. It worked for some people, but majority of them were scams.

What we need are self regulating and transparent platforms like blockchain techs, where transaction can be validated before payment is concluded. What we need are exchange platforms that invest directly in crypto and sell them locally and internationally, with more of them operational in the country, people’s confidence in investing and trading cryptocurrencies will improve and in a matter of few years there will be wide scale adoption.

At Learncoin our aim make significant number of people buy into the cryptocurrency idea, so as to deepen crypto adoption and hence position is as a country to benefit from global markets available in the sector.

You can read about how blockchain and bitcoin is changing the world here

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