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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.
READ: The 5 Best Peer-to-Peer Exchanges to Buy Bitcoin
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.
READ: Crypto thief sends over $ 5 million worth of stolen Bitcoins
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 gain skills to use to earn some extra cash while underemployed at their “9-5″ and also for the many who have not received a salary from their employers or have lost his job during the year, ” Odufuwa said.
READ: Nigeria leads Africa combined in Q2 2020 on BTC P2P
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 sector, so learn about cryptocurrencies and apply the skills you already have in the crypto industry could help some of the unemployed ” she added.
Bottom line: A significant amount of Nigerian youth 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.
