The Nigerian government has warned his citizens about cryptocurrency time without a number. Sometime last year, the House of Senate declared bitcoin in Nigeria to be illegal.
However, this could have been so for two reasons
- The government gave warning against cryptocurrency because of its volatility in nature.
- There were lots of ponzhi schemes everywhere in the country. The level of fraud was on an increase. Bitcoin in Nigeria therefore, was at that time considered to be another scam as well.
BITCOIN RECENT SURVEY IN NIGERIA
However today, what is the true nature of Bitcoin in Nigeria or other cryptocurrencies in the country? Has the warning given by the government prevented the citizens from trading in bitcoin or other cryptocurrencies?
Well, let’s hear from the horses mouth.
“I can use Bitcoin for anything now”, said Soji a Lagos web designer. He continued “It means I can invest and also pay anybody currently, except old people, I will send them bitcoin. But some people think it is a scam to deal in Bitcoin and they also fear being hacked, as many people do not know how to protect themselves online.”
Read Also: Facebook reverse cryptocurrency bans
Further research also revealed that millions of Nigerians are trading in cryptocurrencies. Youth, traders, business men/women and students who are in the universities.
Majority of the crypto traders are in Lagos, Nigeria’s largest city.
Bitcoin gets considerable flack in professional financial circles for its legendary volatility. Wild price swings can for sure occur, and have. However it is no match for Nigeria’s Naira. Hence, because of this many Nigerians have refused to heed the government warning. Nigerians Trade $4 Million in Bitcoin Weekly, despite Warnings from government.
- Bitcoin Should Be Internet's "Native Currency " - Says, Apple Co-Founder
- See Why The Fall in Bitcoin Price is Negatively Affecting All Bitcoin Investment Platforms
- BTCC To Trade in Bitcoin, Litecoin, ETH, Bitcoin Cash on his 'Relaunch' in June
- Three Cryptocurrency Firms in Trouble, As Colorado Starts Investigation
- Thailand Permits Crypto activities But with Conditions & Rules
- Bitpay Adds Bitcoin Cash Settlement Services To Payment Platforms
- Billionaire Marc Lasry Hypes Bitcoin To Reach $40,000 Price
- British FCA Warns Traders to avoid Cryptorobot365
- Cambodian Government Declares Trading & Selling of Crypto without License Illegal
- Ukraine Takes a Positive Step Towards Legalizing Cryptocurrencies
- Best Bitcoin Faucet: Best Bitcoin Earning Website
- UK's Barclays Bank Files Two Cryptocurrency Patents
- Crypto Price Update: All Cryptocurrency Experience Rise In Price| See Details
- Zimbabwean Golix Exchange Trades $100,000 Worth of BTC Every Month
- Cryptocurrency Trading Bitfract acquired by ShapeShift
- Facebook lifts some Ban, Now accepts some Crypto Ads
- Three Hackers nabbed in China over $87 million Bitcoin Theft
- Saudi Arabia officially declares Bitcoin trading illegal
- Head of Bitconnect Cryptocurrency, Arrested by Indian Authorities
- See The Difference Between Cryptocurrency(Bitcoin) and Your Local Currency
- "In 10 years Time, Bitcoin Will Be The World Only Currency"- Jack Dorsey, Twitter CEO
- Japanese Crypto Exchanges Set to Have an Official Self-regulatory Body
- Is Bitcoin a Ponzi Scheme? Check out these Similarities and Differences
- Best Place To Buy Bitcoin: Comparing Various BTC Exchange Platforms
- Seven Cryptocurrency firms approved to Trade In Thailand
- Iran Bans The Use of Telegram's Cryptocurrency
- Pundix Introduced POS in Nigeria, To Purchase Bitcoin Easily
- Unocoin Launching 30 Crypto ATMs in Three Indian Cities
- Hong Kong Official kicks against Central Bank Digital Currency
- Easy Steps To Earn Free Bitcoin Worth Thousands Of Dollars