Nigeria’s tech-savvy youth and struggling economy have created the perfect circumstances for Bitcoin usage to thrive, especially in commerce.
Nigeria leads Africa in trading volumes on person-to-person (P2P) crypto exchanges Paxful and LocalBitcoins. The western African nation (average age 18) is a tech hub; consistently tops the charts for Bitcoin searches on Google, and according to one survey, has the highest percentage of crypto users in the world. But most compelling is evidence that Bitcoin inventor Satoshi Nakamoto’s original use case, for Bitcoin as a payment tool, is positively thriving in Nigeria.
In Nigeria, Bitcoin is “a necessity as opposed to a luxury or this cool thing that you could use,” Akin Sawyerr, a US-based crypto investor and ecosystem builder, who is part of the operations team at risk protocol Barnbridge, told Decrypt. “For a lot of people, it’s basically a lifeline to keep their businesses going.”
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