Nigeria is Leading the Surge in Africa’s Adoption of Cryptocurrency

Nigeria is Leading the Surge in Africa’s Adoption of Cryptocurrency

Cryptocurrency is a digital virtual currency designed to work as a medium of exchange. Cryptocurrency is digital money; this implies that there is no physical coin or bill exchange. All transactions take place online. Ownership records are usually stored in a form of computerized database, with the use of strong cryptography to secure transaction records, control the creation of additional coins and to verify the transfer of coin ownership. 

Some of the verified types of cryptocurrencies include Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), to mention a few.

Since founding in 2009, cryptocurrency has ushered in a new age of blockchain technology and decentralized digital currencies. As Nigeria currently witnesses a massive surge in the adoption of cryptocurrencies, industry experts believe that with the right strategy, it could generate high economic development.

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Based on reports, Nigeria is fast leading crypto adoption in Africa.

Recently, Chainalysis, an expert in blockchain analysis disclosed that Nigeria ranked 8th position in the world’s crypto adoption, while Useful tips said that Nigerians made transactions of $43 million worth of cryptocurrency during the pandemic. Similarly, Google Trends showed that Bitcoin Is one of the most searched words in Nigeria.

In Nigeria today, Owen Odia Country Manager Luno, a leading cryptocurrency company with a database of over 5 million customers stated in her research that Nigeria has developed reasons to use crypto, especially with her large economy. Additionally, the tech-savviness of the youths and their resolve to lead innovations is one of the rising factors for the use of cryptocurrency.

Cryptocurrency companies/exchanges in Nigeria include Luno, CEX.io, Kraken, LocalBitcoins, Binance, NairaEx, BitPesa  MyTopExchange Bitcoin to Naira Automated Systems, GrannyAdidas Concept, AIQUE CryptoEx, Omega Softwares, JustForex, Skystone Capital Nigeria Limited, LoadNG Automated Systems, Instant Gold Nigeria, Coinermarket, CI crypto solutions, Freesia Networks, ATM Shop NG, Forex Trade International and others.