The reason for Nigerians massive crypto Adoption
By a very wide margin Nigeria can be seen to have shown so much interest in crypto over time compared to all the other African countries.
I came across this graph today and even after a thorough search for its origin, the author has given just one specific reasons regarding this topic. I believe that there is more to be said and it might just be better to hear from the citizens themselves..
The general reasons has been that it is better to hold a stable coin in form of the USD, USDT or others rather than keeping the naira due to its ever devaluing nature.
But could this alone be the reason we have so many crypto holders in the country?
Calling to mind the era of MMM and other financial scam activities the populace have adopted in order to make more money I can add to the above existing reason that Unemployment is another contributing factor to why an a Nigerian might consider a crypto investment.
Everybody wants to make quick money and if any token (both meme and whatever scam activities) are introduce, you will find some of the populace on the front line looking for where to invest and make quick money. They are willing to risk their last penny if there will be a return.
Inability to get a well paying job after school is a challenge, even the most brilliant medical person here is underpaid hence we find doctors in their offices reading trading graphs waiting for the best timing to invest their salaries.
Think about countries where the system is working and you will find people showing interest in crypto just for the fun and games. Reverse is the case here most especially as we have seen cases where the finances earned from crypto has been very beneficial to citizens around here, more and more hand wish to adopt crypto as a mean to attain financial freedom.
Not minding the difference in years between a bull and a bear market people are willing wait for such number of years to make profits.
Crypto trading has both potentials profit and loss just like any other business but I believe that a good number of people might be willing to leave crypto if they earn some good pay from any 9-5 job.
Let us hear from as many Nigerians on the blockchain for their various reasons for investing in crypto.
Wow, you outline a point that really interested me and the point is that it's really easy and secure for Nigerian to hold on a stable coin than been in NAIRA because of the devaluations of the naira... And you're right because if you keep Naira nowadays you just find it somehow useless to me because people who are earning in foreign currencies now and in coin are the best right now in Nigeria
Exactly. The countries currency is really useless.
Like seriously
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Nigerians will continue to adopt cryptocurrency as the economic conditions worsen. My hope is that we are not just users but also developers in this space.
That's totally true.
Do we have the capacity and technical knowledge to join developers..
Am still a newbie in crypto and will be interested in such knowledge and any league one can join 😊
Thanks you so much for coming around.
Crypto, especially stablecoins, is definitely a better alternative than the traditional fiat currency that continues to lose its value. I also think that unemployment plats a big part, many wouldn't be involved into crypto if they had a good paying job. Profit and loss go hand in hand in the crypto space thanks to volatility.
That's rights.
We hope for a better economic space everyday.