Bitcoin use cases are on the rise in Nigeria. Each day, Nigerian traders use the apex cryptocurrency to carry out business with Chinese exporters. More Nigerian entrepreneurs use Bitcoin to trade due to the absence of transfer limits, speed of transactions and costs of transactions.
Bitcoin is gaining a reputation as a model for global trade. The cryptocurrency transcends local and international borders. This is in contrast to normal currencies which usually face different limits when it comes to making international transactions.
For the average Bitcoin user, it is often faster and cheaper to make payments with Bitcoin than with legacy payment systems like those provided by traditional finance institutions like Unity Bank.
There is still some way to go for Bitcoin to completely disrupt international trade and value transfer but so far, record numbers of Nigerians and other Africans are finding that they gain more from using Bitcoin to trade.
Statistics revealed that Nigeria led in Bitcoin trades in Africa with $35 million transactions in a month. South Africa (which had the second-largest transactions in Africa) presented $7 million in Bitcoin transactions.
Nigeria imports a significant proportion of the goods that it uses. As an import-heavy economy, many households and businesses in the nation find themselves overly reliant on the Nigerian Naira to be stable and conserve their purchasing power.
Unfortunately, the purchasing power of the nation’s households has reduced over the years due in large part to the lower power of the Naira which is further reduced by reliance on imports.
Bitcoin serves as a solution to traders and households that require cheaper imports. With Bitcoin, stablecoins can be purchased to avoid volatility and money can be conserved against Nigerian inflation.
More use cases have been discovered for Bitcoin in Nigeria. People are able to pay bills using Bitcoin. NairaEx Bill can be used by Nigerians to buy airtime using Bitcoin.