Nigeria ranks at No-23 in trading Bitcoin, according to estimates gathered from various sources. By the end of 2017, Nigerians traded around US$5 million per week through Bitcoin. The figure may appear small compared to Bitcoin traded in the USA and Europe or parts of Asia. However, for an African nation, this distinction is rather unique: it indicates economic and political stability alongside technological advances. According to various reports, Bitcoin users in Nigeria have grown exponentially- by over 1,000 percent since 2013 when the crypto-currency first arrived in the sub-Saharan country of Africa. Though debates rage over how and when Bitcoin arrived in Nigeria, it is widely believed the crypto-currency was popularized by a scammer running a Ponzi scheme. While thousands of Nigerians lost hard-earned money trying to get a few Satoshi if not Bitcoin, the scam helped people understand how crypto-currencies work, the significance of the Blockchain, and pros and cons of investing. There are other reasons too why Bitcoin popularity continues to soar in Nigeria.One of the reasons for Bitcoin\u2019s popularity to soar in Nigeria is the presence of several NGOs and groups in the country. For example, NGOs like Cryptographic Development Initiative in Nigeria (CDIN), among others, continue to educate ordinary Nigerians about the benefits of Bitcoin and other crypto-currencies. Simultaneously, several Blockchain groups have emerged in Nigeria after the Bitcoin scam, called MMM or Mavrodi Mondial Moneybox impoverished thousands of citizens. These groups maintain vigil over cryptocurrency trading in the country. They serve as vigilantes and alert people about potential fraud. Nigeria is a great example where Blockchain users, Bitcoin investors, and law enforcement authorities work jointly to prevent scams involving cryptocurrency.In recent years, Nigeria\u2019s otherwise strong oil-based economy has run into severe doldrums. The slide was triggered in 2008\u20132009 when the global recession set in.\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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