There is never a better time than now to take bitcoin seriously, especially considering the wave it took in 2020. The growth of bitcoin in 2020 was remarkable and a huge part can be attributed to the COVID-19 pandemic.
More people had time to learn about the investment industry and more about cryptocurrencies; it also served as an alternate source of income for many people who struggled with their finances. What’s more is that a number of individuals and businesses found it a safer option to use bitcoin compared to other currencies to follow the COVID-19 health guidelines and reduce the spread of the virus.
A report from blockchain.com showed how Nigeria emerged one of the fastest-growing crypto markets globally. They also highlighted how the highest flow of activity in their wallet app since April 2020 has been from Nigeria. If you have been considering investing or trading in bitcoin, here are some vital reasons you should know while you decide.
Availability and Accessibility
Bitcoin is a decentralized currency, which means it has no third-party institution managing it and you’re completely in charge of your funds. All you need to get started is your smartphone and internet access. Compared to the traditional banking system in Nigeria where you may have to go all the way to the bank to complete the paperwork, trading bitcoin simplifies the process for you.
The availability of modern software and apps today in the crypto world makes accessibility and ease of use even easier for users. Just as Bitcoin Rush is a new crypto robot, apps are constantly being created to make trading easier. There’s an app for almost anything today and if Nigerians can find something that will make their lives easier rather than walking all the way to the bank to join queues, they’d rather take advantage of that.
Transferring money to other countries from Nigeria can be a daunting task due to the amount of paperwork involved. It could even take you days before you complete a transaction. However, with bitcoin, you can easily transfer to anyone anywhere without going through a ridiculously tedious process. The other person would also get their money within a few seconds and it will require low transaction fees. If you do a lot of international transactions in Nigeria and you’re looking for a way out, bitcoin is a great option for that, as it allows borderless transfers.
The decentralization of bitcoin gives you autonomy over your funds, which improves the security of your money. It makes the currency less vulnerable to security threats and you can also use a pseudonym for your personal information. This protects your identity from the public and ensures that no one can link a transaction or trade back to you.
The Bottom Line
In a country like Nigeria where the prices of goods and services are on the rise and the currency is not any better, investing in cryptocurrency is a great way to maintain the value of your money in the long run.