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Bitcoin adoption increasing in Nigeria

Bitcoin adoption increasing in Nigeria

Bitcoin adoption on the African continent has been steadily increasing, headed by south Africa, and Kenya in particular. They were leaders in this regard, until recent times when Nigerians were seen to have much interest in Bitcoin also. The nigerian Bitcoin Exchange, BitX announced that their wallet application had been downloaded over 100,000 times on the google play store. While the price of Bitcoin crashed to $800, Nigerians are still buying it for $1000 a coin.

Note that the current price of Bitcoin is on the open market, and it is bound to differ in places that find it harder to access traditional Bitcoin exchanges, and will probably commend a higher price. It is worth noting that less than 35% of Nigerian Citizens have bank accounts, and it is likely only the well-off Nigerians even have access to the internet.

It is likely that Nigeria will not overtake South Africa in this regard, but it is one step closer to Cryptocurrency adoption worldwide. The fact that cross-border transactions are seamless using digital currencies is one reason for their appeal and it means that you can have a universal currency or currencies usable in any country in the world, although harder to use if declared illegal in certain countries.

This further increased adoption is all the more reason to break the block size debate deadlock to increase Bitcoin transaction capacity. With Bitcoin blocks full to capacity and the chain at high risk of stalling with increased adoption, this deadlock must be broken soon, although with Litecoin deploying SegWit and the Lightning network able to be used with Litecoin, this is likely to be a positive development for cryptocurrency use in day to day spending, where the TX fees will not become a problem. A $1 USD TX fee for Bitcoin will become a real problem when just buying your $3 coffee with it, unlike Litecoins much lower TX fees. The news that the Africa continent is adoption Bitcoin shows there is all the more need for further increase in transaction capacity if it is to be used in this way.

 

 

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