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The increase in the use of Bitcoin by Nigeria has become the norm in the crypto-verse, taking into account that for the last 8 months it is the leader of the whole of Africa together, in the transactional value of P2P payments.
However, what seems astounding to many cryptocurrency experts is the amount of monthly transactions of Nigerians with Bitcoin P2P, amid the prevailing recession that bites the largest African economy hard compared to other African countries.
Data retrieved by Usefultulips, a BTC analytics data provider, reveals that a significant amount of Nigerians use Bitcoin for peer to peer lending for their payments.
Recent statistics show that Nigeria leads Africa’s peer-to-peer lending in 2020, posting monthly P2P volumes of between $ 25.8 million, followed by South Africa and Kenya with around $ 8.2 million and $ 7 respectively. 7 million per month.
What you need to know: Bitcoin, peer to peer is the exchange of Bitcoin between parties (as individuals) without the involvement of a central authority. This means that the peer to peer use of Bitcoin takes a decentralized approach in exchanging Bitcoin between individuals and groups.
A spokesperson for Binance in Africa, Damilola Odufuwa in an exclusive interview with Nairametrics he provided key insights into Binance’s role in Africa, particularly the Nigerian economy, the largest cryptocurrency exchange in the world;
“Over the past year, over 40,000 Africans have received free crypto education through Binance’s educational programs / events. Our latest virtual masterclass had over 5000 attendees and thousands more on YouTube. A huge population of participants is definitely Nigerian who are looking to acquire skills they can use to make some extra cash while underemployed at their “9-5″ and also for the many who have not received a salary from their employers or they lost their jobs during the year, ” Odufuwa said.
Odufuwa also spoke of the need for more Nigerians to acquire skills in the cryptocurrency value chain, bearing in mind that it is now the modern lifeblood of financial and corporate operations globally.
“The cryptocurrency industry is still a growing industry, so educate yourself on cryptocurrencies and apply the skills you already have in the cryptocurrency industry could help some of the unemployed ” she added.
Bottom line: A significant amount of young Nigerians are gaining Crypto skills to support and guide their income and livelihoods, as it offers the safest and cheapest processes to move capital than other traditional means of payment.
