Bitcoin is becoming the next big thing in Nigeria by the look of things, as there is a growing demand for this cryptocurrency in the past few weeks. Part of this success comes due to economic policies by the Nigerian government, which is rather surprising.
Why Is Bitcoin So Hot In Nigeria?
Over the past twelve months, there has been a lot of talk regarding using Bitcoin in Nigeria. Foreign exchange options are very limited or banned by the government, and Bitcoin offers a more than welcome alternative to access financial tools without too many headaches. Additionally, the cryptocurrency lends itself perfectly for remittance services, an industry which has always been popular in Nigeria and other African countries.
Western Union is the clear market leader as far as remittance is concerned, but their outrageous fees and lengthy delivery times are causing much dismay among Nigerians. Bitcoin is a lot faster, as both sending and receiving funds takes a few seconds, while reducing the transaction costs by a significant margin.