Nigeria’s increased use of Bitcoin has become the norm in the crypto-verse, taking into account that in the past 8 months, it leads the whole of Africa combined, in the transactional value of P2P payments.
Still, what seems astonishing to many crypto experts is the amount Nigerians transact with Bitcoins P2P monthly, amid the prevailing recession biting hard on Africa’s biggest economy when compared to other African countries.
Data retrieved from Usefultulips, a BTC analytic data provider, reveals a significant amount of Nigerians use Bitcoin for peer to peer lending for their payments.
Recent statistics show Nigeria leads Africa peer to peer lending in 2020, posting monthly P2P volumes of between $25.8 million, followed by South Africa and Kenya respectively posting about $8.2 million and $7.7 million monthly.
What you must know: Bitcoin, peer to peer is the exchange of Bitcoin between parties (such as individuals) without the involvement of a central authority. This means that peer to peer use of Bitcoin takes a decentralized approach in the exchange of Bitcoins between individuals and groups.
A spokesperson for Binance in Africa, Damilola Odufuwa in an exclusive interview with Nairametrics gave key insights on the role the world’s biggest crypto exchange, Binance is having on Africa, particularly, the Nigerian economy;
“Over the past year, over 40,000 Africans have received free crypto education via Binance education programs/events. Our last virtual masterclass had over 5000 attendees and thousands more watching on YouTube. A huge population of the attendees is definitely Nigerians who are looking to acquire skills they can use to make some extra money while underemployed at their “9-5” and also for the many who didn’t receive a salary from their employers or lost jobs over the year,” Odufuwa said.
Odufuwa also spoke on the need for more Nigerians to acquire skills around the crypto value chain, taking into consideration that it is now the modern lifeline of finance and business operations globally.
“The crypto industry is still a growing industry, so educating oneself about crypto and applying the skills you already have to jobs in the crypto industry could help some of the unemployed,” she added.
Bottom line: A significant amount of young Nigerians are acquiring skills on Crypto to sustain and drive their income and livelihood, as it offers the safest, cheapest processes of moving capital in relation to other traditional means of payments.