Nigeria is filled with a lot of tech savvy youths who are always looking for different sources of income as a result of the economic situation. This drive has led to crypto adoption, as it offers so many opportunities to the average Nigerian.
A thread🧵🪡
1/17 According to reports, over 32% of Nigerians use or own cryptocurrency. Can the adoption rate grow higher than the current 32%? It most certainly! But here's the deal: there's a real need for more learning about the crypto world.
2/17 Despite being around for a while, a lot of people still don’t get how it all works. And interestingly, some of them are actually part of that 32% who've gotten into it. For them, as long as they can cash out, no need to know what it’s all about
3/17 A big challenge in getting more people into crypto is its decentralized nature. It's a bit of a double-edged sword. While it's fantastic in many ways,it also opens the door to problems like frauds, Ponzi schemes,and faceless individuals,which dent people's trust in this tech
4/17 Remember the FTX saga from last year? That was a complete disaster! Many people lost their hard-earned money. It even hit some fintech companies in Nigeria pretty hard, along with some big investors. The whole situation was extremely depressing
5/17 This issue stopped many individuals from getting into crypto, and several who were previously involved lost interest
6/17 Fintech: we are banking the unbanked Well, the unbanked don’t have access to frequent electricity. Crypto transactions, especially trading and managing digital wallets, require consistent internet connectivity
7/17 Unstable power supply can disrupt access to online platforms, making it challenging to engage in crypto activities. Since the invention of the light bulb, the giant of Africa is still unable to deliver 24/7 light across the nation.
8/17 However, despite these challenges, we can't overlook the opportunities that crypto brings. Personally, I've reaped the rewards of airdrops. I also gained insights into crypto trading through a WhatsApp group
9/17 Many people joined the crypto world during the last crypto bull run, and it transformed their lives. Some are now gainfully employed thanks to the innovative job roles that the crypto industry introduced
10/17 Not to forget the web 3 companies that emerged from Nigeria all thanks to crypto. Some of which include Bitmama, Patricia, BuyCoins, Quidax, Xend Finance etc…
11/17 These apps currently specialize in solutions within the finance sector, such as facilitating the buying and selling of cryptocurrencies and tackling the concern of the volatile naira by allowing savings in USD or USDT
12/17 However, it's worth highlighting that there are still areas that have yet to experience the transformative power of blockchain. Blockchain technology is very efficient in data storage that cannot be tampered with. This function alone can be utilised across multiple sectors