We can all agree that there has been a significant rise in the buying and selling of cryptocurrencies in Nigeria, even with the ban issued by the Nigerian Government which is made it more difficult to trade cryptocurrencies, the resilience of the youths was magnified to run closer to this source of income that did not require a rigid time frame, exaggerated years of job experience or having to answer to a boss. The flexibility of the whole deal made it more appetizing since it required just a mobile phone and internet access.
Cryptocurrency seems to be the trending topic all over the country, one can’t help but ask, what is Cryptocurrency? Cryptocurrency is a digital currency whose transactions are verified and records maintained by a decentralized system, this decentralized technology it uses is called blockchain, which means it is spread across several computers that manage and record transactions securely using cryptography. It has been a decentralized system that means that it works outside the control of a centralized authority.
Bitcoin was the first cryptocurrency created by Satoshi Nakamoto in 2009. The economic crisis that occurred in 2008, affected millions of people and so he was driven to develop a decentralized method of payment. With the existence of Bitcoin and other cryptocurrencies, people all over the world now have a method of managing their financial transactions that did not rely on established central banking systems.
The rise of cryptocurrency has empowered the youths of Nigeria in a way that a typical 9-5 job cannot. To the extent that Nigeria currently holds the position for the most cryptocurrency trading around the world, with a ranking of third place after the US and Russia in 2020 and transactions worth over $400m. With the unemployment rate at an all-time high, the youth are making a way and thriving through trading cryptocurrency and the numerous tutorial classes around the subject.
Cryptocurrency may not have died on a literal cross to save the Nigerian youths, it is keeping poverty and starvation at bay for a large number of the population. To some, it might seem like the usual pyramid schemes that have come and gone and the get-rich-quick schemes of old. But cryptocurrency is much bigger than anyone can see. It can usher in a new era of financial transactions; one government may not be eager to adopt due to its decentralized nature. Only time will tell whether we will stick to the centralized systems we are accustomed to or the decentralized system most people are still getting to know.
This article was written by Nnagboro Lynda; connect with her on Instagram via here