Nigeria is also known to be one of the African countries that adopted the use of computers (technology) early including African countries like Egypt, South Africa, and a few others. The volume of crypto received by users in Nigeria continues to increase consistently.
CoinCola: Crypto market is booming in Nigeria
Although the Central Bank of Nigeria (CBN) sent letters to banks in the country stating that "all cryptocurrency exchanges are banned in the country" in February 2021, Nigeria is still the second country in the world that has the largest cryptocurrency market after the United States of America.
Nigeria has a population of over 170 million and according to Chainalysis, Nigeria received $2.4 billion worth of crypto in May 2021, while it is only $684 million in December 2020.
Some Facts About The Nigeria Crypto Market
1. Nigeria is now officially the second country with the largest crypto market after the USA:
Nigeria has the second-largest cryptocurrency market in the world by trading 60,214+ worth of bitcoin. And also the largest in P2P thus, peer-to-peer trading. Based on published statistics, most cryptocurrency exchanges and transactions in Nigeria are undergone through P2P trades.
Mostly selling gift cards for bitcoin and then selling the bitcoin for cash. In late 2020, Nigeria recorded rapid growth that was more than 10% than that of its fellow competing African countries like Kenya and South Africa.
2. The dollar volume of crypto received by users in Nigeria has been consistently growing:
According to Chainalysis, Nigeria received $2.4 billion worth of crypto in May 2021, while it is only $684 million in December 2020.
Since cryptocurrencies like Bitcoin, Ethereum, and many others keep a steady growth yearly, this influences the individuals to get into this profitable market. As a result of this, the volume of the dollar volume of crypto received in Nigeria keeps on increasing yearly.
3. The High Crypto Adoption in Nigeria:
Just as said earlier in the intro, Nigeria is known to be one of the African countries that adopted the use of computers (technology) alongside countries like Egypt, South Africa, and many others.
It's normal to see individuals make bank transfers on their smartphones to buy goods and services just like using cryptocurrencies.
And with a country with such a high population and high competition in the market, the adaption of cryptocurrencies increases yearly. Since it seems to be a bit private, saves up money in terms of cost and prevents third parties like banks during transactions, etc.
“Asides from this, Triple-A put out a global adoption report stating that as of 2021, the world has over 300 million crypto users worldwide, with Nigeria among the top countries with approximately 13 million users. Using an assumed population size of 200 million people, this means approximately 6.5% of Nigerians have used cryptocurrencies in one shape or form.”
4. Regulation of Cryptocurrency in Nigeria:
Bitcoin is not illegal to use in Nigeria, but the Central bank of Nigeria (CBN) issued letters out to banks to ban cryptocurrencies exchanges.
From other sources, it was reported that these banks had to cancel accounts that involve cryptocurrency exchanges, and also the idea behind this, is to prevent untraceable transactions and illegal activities like; money laundering, terrorism financing, and many others in the country.
Why Cryptocurrency is Booming In Nigeria
1. Nigerians use bitcoin to hedge against inflation as Naira continues to lose its value:
Just like almost all other African countries, the dollar is always up as a result of high inflation happening in these African countries. Mostly, people in these countries get involved in trading or investing in cryptocurrency to hedge against inflation of their local currencies like Naira.
You may ask yourself, "How does that happen?... The answer is, cryptocurrencies like Ethereum and Bitcoin are also worth more than dollars, thus 1bitcoin is not equal to 1dollar but almost $60,000 dollars.
This clearly shows how it will or it is profitable to get involved in the cryptocurrency exchanges to make profits as well as an escape or hedge against inflation of currencies like Naira.
2. Nigeria has one of the youngest populations in the world and is ripe for digital finance:
Currently, Nigeria's population is said to be 170million and also one of the highly populated countries in Africa and the world. And as one of the countries with the youngest population, the adaption of the use of current trends in finance such as the use of cryptocurrencies and electronic payment is high and in a boom.
3. Many Nigerians turned to the cryptocurrency industry in search of an opportunity to earn money:
Just as explained earlier in this article, about how some Nigerians and not only Nigerians but individuals in most African countries use cryptocurrencies like bitcoin to hedge or escape the high inflation of their local currencies in their various countries.
Some people trade bitcoin thus (buying and selling) on P2P platforms like CoinCola. The idea behind this is to earn from transactions (buying and selling). Others buy these cryptocurrencies as investment and as the market price keeps increasing they tend to spend their profit and sometimes invest more.
How To Make Money From Crypto In Nigeria
1. Trade or Hold Cryptocurrencies:
Buying and selling crypto is one of the simplest ways one can use to make money from cryptocurrencies. And this can be done on P2P platforms like CoinCola.
According to most published articles on the trade of bitcoin in Nigeria, Most transactions made in Nigeria are through P2P platforms. Thus, individuals buy and sell these cryptocurrencies on P2P platforms like CoinCola.
Another way to earn from cryptocurrencies is by holding or buying with the aim of investing. Thus, buying any amount of bitcoin for future profit. Which CoinCola provides its users with a secure wallet in which they can save their bitcoins on there for future use.
2. Sell Gift cards for Bitcoin:
Also, selling gift cards for bitcoin is also one of the simplest ways to earn using cryptocurrencies. Mostly, people sell their gift cards for bitcoin and then sell their bitcoin for cash. Others also invest but at the end of the day, they all earn some bucks.
3. Join Affiliate Marketing Programs like (CoinCola Affiliate program):
Last on the list is by joining bitcoin affiliate programs. You may ask "what is an affiliate program or affiliate marketing? Affiliate Program or Marketing is the process of referring or getting new customers to businesses to either buy or complete a specific task and then get paid.
Thus, to involve in this activity you do not need to have bitcoin or buy any. You will have to refer new friends to these cryptocurrency platforms and get paid through bitcoin.
One of the best bitcoin affiliate programs is one by CoinCola. (Read the full article on CoinCola Affiliate Program)
The Coincola affiliate program is available to both old and new users on Coincola. You will need to just have an account, get your referral link, and then share it with friends and families. (on all social media platforms)
Once anyone signs up and buys or sells any amount of cryptocurrency on there, you will be paid a commission.
New Users Will Enjoy Large Rewards
Register and Start Your Journey with CoinCola, Win as little as NGN 2,000 Bonus!
Any questions, you can contact CoinCola official on WhatsApp: +852 90653442.
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