Dec 21, · Nigeria has emerged as the second biggest market for bitcoin, trading over 60, bitcoins, valued at $ million, between and Since , the volume of bitcoin trade in Nigeria . NairaEX touts itself as "Nigeria's Premier Bitcoin Exchange" and it is indeed the only Nigeria-based exchange currently open for trading. The only fiat currency that NairaEX currently accepts is the Nigerian Naira (NGN). You can only buy and sell with/to NGN, meaning conversions between BTC and ETH or other supported assets are not possible. Dec 19, · Bitcoin trading in Nigeria has increased by per cent so far in , while the year is not over and despite the COVID pandemic Nigeria has seen more bitcoin trading in .
Bitcoin trading in nigeriaBuy Bitcoin in Nigeria:- The 10 Best Exchanges ( Upate)
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Users hardly know that it is the exchange of cryptocurrencies—which happens behind the scenes—that facilitates their foreign exchange transactions. So these apps have built a framework that represses the need for end-users to be crypto-conscious as some people still struggle with accepting or understanding cryptocurrency. Then there is the last category of productive activities, which are community and experimental crypto projects, such as tokens, decentralised applications, etc.
Some of these include stablecoins which are non-volatile cryptocurrencies but still carry the advantages of the blockchain e.
Imagine being able to see all naira donations made to your favourite non-profit on the blockchain. Some of the notable examples here are NGNT and the applications built on it e.
Others include demo blockchain voting systems like Univote used for elections at the University of Jos. Yet, we are only in the early stages of the cryptocurrency revolution all around the world. There is still a great deal to be done to onboard users effectively and to build the kind of user experiences that solve their problems.
One prominent example is private payments: as crypto emerges, we will see interesting use cases like anonymous donations to non-profit organisations. With all of this rosiness, there are still a lot of things we need to figure out to be ripe for success. For instance, more effort needs to be put into developing better security models and making onboarding much simpler for users.
Crypto onboarding needs to be as sweet and as easy as using WhatsApp. Today, there is a lot of risk around these processes, and even tech-savvy individuals shy away from engaging. There is also the challenge of education. This makes them easy victims of hacks and scams and reinforces a culture of distrust. The crypto community also gets easily siloed and distanced from engaging with regular people. For instance, the vast majority of crypto communities right now are only semi-organised, existing in Telegram groups, and making themselves relatively tricky to discover.
There needs to be a lot more concerted effort in generating educational content and pushing them in the public domain. For one, the legality of cryptocurrency is fuzzy in the region.
The CBN has issued several warnings to banks. But hopefully they will embrace it. Subscribe to Blockchain Bites , our daily update with the latest stories. Others are reaching the same conclusion. Read more about Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
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