Nigeria Interested In Cryptocurrency For Payments

According to data released by Google Trend, Lagos, Nigeria appears to be the number one city in terms of volume of online searches for Bitcoin. It holds true that the data suggests a high level of interest for the world’s leading cryptocurrency. However, it has yet to be deemed significant to the significant adoption of the emerging trend of technology.

BTC As Go-To Dollar Substitute

Interestingly, though, there is a growing interest of young people in the country. It turns out that they are looking for a way to utilize digital assets for payments.

Obviously, the people in Lagos are familiar with Bitcoin and the existence of other cryptos. Apparently, they see the world’s leading crypto as a go-to substitute for the U.S. dollar. In the country, the digital currency exists as a plausible substitute for the said foreign currency.

That is why there is a growing trend in the aforementioned online searches for BTC. Even more so, a good number of younger people in the freelancing community are looking towards the possibility of adopting crypto payments. And despite battling the never-ending trend of underemployment and/or unemployment, these individuals tend to test traditional working environment.

According to a report from the NBS or National Bureau of Statistics, the unemployment rate in Nigeria has risen to more than 23 percent back in 2018. In a city pretty much like Lagos, a growing number of young university graduates are opting to freelance jobs in an attempt to make a daily living. The services they offer range from website designing to computer programming to copywriting.

Making Payments Easier

Considering the fact that most of their clients reside abroad, issues relating to payment reception for a project completed can definitely exist. But if a BTC wallet exists – including other services offered by local exchanges – these freelancers from Lagos can easily obtain payments from clients across the world.

Changelly - Exchange cryptocurrency at the best rate

Apparently, business owners are also reportedly using Bitcoin. The same thing can be said for cryptocurrency-focused platforms, all of which are using the crypto as an alternative to banks and foreign currencies.

In an interview, Victor Alagbe, the COO and Blockchain Strategist of OneWattSolar, cryptocurrency is expected to introduce a strong position in the world of remittance. Not only is it cheaper, but it also less stressful than traditional payments. Above all else, cryptos are a lot faster when it comes to sending and/or receiving payments.

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