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Why should you convert bitcoin in Nigeria?

 If you are in Nigeria, you must learn about bitcoin. Cryptocurrency is one of the most popular terms in Nigeria. If you gather more knowledge about cryptocurrency, you can understand why you should convert bitcoin in Nigeria. There are few countries popular for cryptocurrency. Nigeria is one of them.


Bitcoin


Satoshi Nakamoto created the digital currency and payment system known as bitcoin. Nakamoto first proposed the electronic peer-to-peer cash system in 2008, which was made available as open-source software in 2009. There is no central authority or intermediary in the decentralized system. Without an intermediary, transactions happen directly between users. These transactions are added to a public distributed ledger known as a blockchain and validated by network nodes. Because there are only 21 million of them, bitcoin is unique. Bitcoins are produced as a reward for the mining process. They may be exchanged for goods, services, or other currencies. Over 100,000 shops and vendors accepted bitcoin as payment as of February 2015.


Benefits of Bitcoin


  • Nigeria is hardly an exception, as it has also been struggling to recover from the unintentional pause caused by the pandemic. In the second quarter of 2020, Nigeria recorded a 27.1% increase in the unemployment rate due to the epidemic. This report results from several people losing their jobs, companies closing, and the government failing to carry out important initiatives; looking into cryptocurrencies fully is one of the greatest methods to recover from the economic slump. Recall that Nigeria's economy suffered significantly during the 2016 recession, and the effects can still be seen today with a six-year decline in the average income. There is no denying that cryptocurrencies have improved Nigerians' lives.


  • Nigeria can use cryptocurrencies' benefits for the world's educational systems, just as several developed nations have already incorporated bitcoin education into their school curricula. Paxful is a well-known cryptocurrency trading platform that prioritizes Nigeria's development. A peer-to-peer cryptocurrency exchange platform called Paxful runs. On the site, Nigerians are known to conduct roughly $1.1 million worth of blockchain transactions each month. Around 100–120 kids between the ages of three and six will attend the school. It will also serve as an adult learning facility in the evenings, helping to enhance the education of hundreds of individuals. 

 


  • With a paradigm shift from the conventional method of keeping money, banking is a way of life in and of itself. Interestingly, over 60 million Nigerians do not have a bank account at this point when the entire globe runs on digital technology. As amazing as it may seem, local regulations only allow bank account holders to withdraw an amount equal to or less than $100. But overcoming this obstacle has made mobile banking and bitcoin investment more popular. A 2017 study shows that 71% of Nigerians use their mobile phones to access the internet and communicate. Therefore they turn to mobile platforms like Prestmit to convert their money into cryptocurrency. Consequently, having a quasi-bank account can help to enhance financial inclusion in Nigeria since everyone can use one.


If you want to sell your Bitcoin for Nigeria, you must visit the official website of Qxchange. They are one of the best agencies in Nigeria that convert bitcoin in Nigeria. You must install their app and contact them if you have any doubts.


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