Crypto In Nigeria

Nigeria is known as one of the largest crypto holding countries. This is for obvious reasons, bad government, which led to bad economy which led to inflation, coupled with some bad remittance in terms of foreign exchange. This made a lot of Nigerians turn to crypto, most especially me. Whenever I want to make payments online I always hope they accept crypto because a lot of restrictions come from using a Nigerian card. This has made a lot of Nigerians know crypto, so crypto is really popular in Nigeria, especially amongst the youths. But while crypto is popular, not a lot of people in Nigeria know the mechanism behind crypto’s operation. They know it’s a digital asset that has monetary value, but that’s all.

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Some buy crypto because they heard it’s the latest way to make money, while some do lots of international transactions, most times they leave their assets in their wallet. 4 years ago, the Nigerian government placed a huge restriction on crypto transactions by Nigerian financial institutions. This resulted to private companies to come up with discrete ways to help these Nigerians convert their crypto to fiat. But there is a huge disadvantage, security breach, lots of Nigerian companies fail to invest in cyber security because they under estimate the damages it can cause them. For instance, the popular Patricia, which is a big crypto company in Nigeria, got hacked and lost all its funds including its users funds also.

This is the reason I don’t trust any centralised wallet, most especially Nigerian centralised wallets. Few weeks ago, another Nigerian popular crypto company came up with one of the most ridiculous updates. He made a post saying he is going to make crypto transactions free for Nigerians. I laughed because, a lot of Nigerians are about to fall for that and go out their money in his wallet. First you can’t make crypto transactions free, no one can do that, crypto transaction fees are used to incentivise node and block validators and miners who do that to keep the blockchain operating. Lots of Nigerians don’t know that and they will flood their money using the app, it’s highly centralised and I doubt the security of the platform is strong. This is because I doubt the crypto knowledge of the owner.

I wish more Nigerians do their research about crypto before investing

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