The name of bitcoin remains in the discussion now-a-days. The most interesting thing about Bitcoin, which is very popular in the world of investment, is that a financially bad country like Nigeria is at the forefront of this matter. Instead of other traditional methods of investment, it is being trusted with the most, while many countries of the world are trying to ban bitcoin here.
Before understanding bitcoin’s relationship with Nigeria, once we try to know what it is. Bitcoin is a type of cryptocurrency. That means the money that is secret. That is, these money are a kind of digital currency, which are made with the help of cryptography. Cryptography here means the art of solving coding.
Bitcoin is a kind of digital money, which was discovered in the year 2009 by someone named Satoshi Nakamoto. However, there are many disputes over the name of the inventor. Many people do not believe it to be from Japan, but believe that someone did this work by hiding the identity. However, since the advent of cryptocurrency in the year 2009, its popularity has increased.
If someone has cryptocurrency that they have money, even if they are not visible. It also leads to online shopping and is also kept as an investment. They are also in e-wallet, which can also be transferred.
Trust in cryptocurrency increased rapidly in Nigeria. A survey conducted in the year 2020 shows that about 32% of Nigerians use cryptocurrency. It is more than any country in terms of population. Among the top 10 countries in the world, who believe in bitcoin, Nigeria is third after America and Russia.
By the way, it is a matter of knowing that Nigeria is going through a phase of economic crisis. This country saw a second recession in the last five years. In the year 2020, the Central Bank of Nigeria announced the reduction of the value of the currency Naira by 24 percent. Now fear is being told that there may be further devaluation of the currency. Meanwhile, the price of food items rose sharply.
However, in the same recession, cryptocurrency is being wooed as an alternative system of money. By investing money on this digital currency, money seems to increase rapidly. The returns of bitcoin are extraordinary and the returns are visible in a short time by investing money in it. This is why Nigerians, who are struggling with economic instability, were attracted to cryptocurrencies in order to earn more money in a short period of time. For some people, this is a way to reduce charges while transferring money from one bank account to another.
However, economists are expressing their fears on all types of cryptocurrencies including bitcoin. They believe that as soon as the money is seen increasing rapidly on investment in it, in the same way a balloon can burst every day. Then that financial crisis will come, which no one can even guess. There are many technical problems in this, due to which banks of countries are not able to regulate it even after wanting it.
There is talk of ban on cryptocurrency in Nigeria this year so that the country can avoid any major economic loss in the coming time. However, there are also many countries, which are regulating this in their own so that they also remain and remain clean investments. These include big countries like America, China, Japan, Germany, South Korea and Australia.
Some time ago there was talk of banning cryptocurrency in India and it was also said that as an alternative, the Reserve Bank of India can bring its digital currency. Although there is no information about how far its progress took place. Here, as soon as we get the idea of banning bitcoin, many big businessmen in India are running a campaign to stop it. It is named #IndiaWantsBitcoin. Businessmen and investors believe that the government should talk to all the parties and find a middle ground.