Nigeria is popular because of several factors, including its vast array of mineral and human resources that are exported annually. Over the years, these qualities have earned the country the title ‘Giant of Africa.’ Although Nigeria is currently facing an economic downturn, Nigerians have reinforced their position in the cryptocurrency space as the leaders in Africa.
In 2021, the Nigerian government placed a ban on cryptocurrency trades. The Central Bank of Nigeria also instructed banks to block accounts suspected of engaging in cryptocurrency trading. Hence, several people have wondered what has become of cryptocurrency in Nigeria.
Needless to say, Nigerians have continued to dabble in cryptocurrency gambling and its related activities that include trading and shopping. The typical Nigerian has become interested because of its possibility of offering financial freedom.
This article will explore the key ways in which crypto impacts the life of Nigerians.
How Digital Currency is Impacting the Nigerian Youth
Increased gaming experience
In the past years, thanks to the adoption of cryptocurrencies, many new gamers started using cryptocurrencies for gambling, according to CryptoGamble there was an incredible surge in players that spent most of their funds on betting and casino games. The Editor-in-Chief Fred Edwards added “most of the times this growth is seen first in the USA and lastly is being adopted in the African market, but we believe, as many other companies, that starting today to capitalize the market will help gain massive advantage and offer better user experiences in the future”. To further assist newcomers into this market we advise checking the verified gambling sites on the comparison website cryptogamble.tips.
Granting Financial Freedom
Nigeria has a high poverty rate, and the local currency, the naira, has been experiencing something similar to hyperinflation. However, Bitcoin and altcoins serve as a better hedge of financial value, making several Nigerians turn towards digital currency.
The whole point of creating Bitcoin, as noted in Satoshi Nakamoto’s whitepaper, is to create a currency that conventional financial institutions can’t influence. Nigerians make cryptocurrency trades without the interference of third parties like banks. This is because transactions on the blockchain are peer-to-peer.
Creation of Job Opportunities
The cryptocurrency industry has opened up a new wold of job opportunities for Nigerians. This has been a welcoming development and is one of the leading reasons for crypto adoption since Nigeria has a high unemployment rate.
In 2020, the number of jobs in the crypto industry multiplied by more than twice the previous number. Nigerians have leveraged job opportunities in the form of cryptocurrency writing, game development, and NFT marketing. What’s more, these jobs pay significantly higher than the minimum wage.
Crypto trading is possibly the most popular activity Nigerians engage in when delving into the blockchain space. The idea is to buy low and sell high to earn a profit. Nigerians also delve into crypto farming or staking to gain passive income from cryptocurrency.
Even though the Nigerian government has banned cryptocurrency-related activities, Nigerians have continued to engage in them. The average Nigerian has taken an interest in cryptocurrency because of the opportunities the space offers.
Cryptocurrency impacts Nigerian lives in different ways, including creating job opportunities, crypto trading, and granting financial freedom.