Nigeria Economy And Bitcoin
The government have found out that bitcoin have fulfill the definition of money which is ‘money must be few, hard to get and must be verifiable.’ To the government, since it is decentralize, they will lose control on the flow of money in circulation. This have been backed by the fact that it will encourage illegal transactions among drug lords and politicians. Since the transactions are done over the internet, two problems arise which is (1) non-technological savvy individuals like the old people will find it difficult to trade and (2) it is prone to hackers.
Bitcoin And Nigerians
Some years ago the civil war in Nigeria left thousands of Biafrans with only Biafran currency. When Biafra lost the war and their currency was rejected by the Nigerian Government they were left with nothing. In other to help out of the situation, the Nigerian Government gave all Biafrans twenty pounds each. This happened because the Central Bank of Nigeria (CBN) was the central controlling body. This kind of situation is removed with the use of digital currency since there is no central body. Transactions are fast and secure. Although the difficulty in obtaining foreign currency to buy it is still very low as at now and the cost of one bitcoin is subject to inflation. This is caused by some factors like high liquidity as supply is unstable
