Nigeria a strong Crypto nation.
Since I was a child I always knew that the countries on the African continent lived a very unfortunate situation, due to centuries of injustice and social inequality, as well as constant armed conflicts, corruption and mismanagement by governments. And despite the fact that the 55 countries that make up the African continent, go through similar situations, one that constantly draws everyone's attention due to its strong resistance is Nigeria, which has taken advantage of blockchain technology and cryptocurrencies very well to get the most out of it.
On other occasions I have talked about Nigeria, in this post I mentioned what is happening in Nigeria regarding the price of bitcoin being the highest in the world, and [in this other](https://hive. blog/hive-167922/@fabian98/is-banning-cryptocurrencies-the-right-thing-to-do) touched on the topic about the ban on cryptocurrency trading in Nigeria and whether this was a wise decision on the part of the government and the central bank.
But today I wanted to mention a very interesting aspect about nigueria and the daily use that the citizens of that country have with cryptocurrencies, as a recent survey done by Statista, released an incredible result as it tells us that 32% of the total population of Nigeria has used or uses cryptocurrencies in their daily lives.
And if we get to analyze the result of this survey we will realize that 32% of Nigeria's population is quite a high number, as according to surveys done by the world bank in 2018 showed that Nigeria possessed a population of 195 Million And if you calculate 32% to Nigeria's population it gives a result of more than 62 million people who use cryptocurrencies in their daily life. And thanks to these results we can see that Nigeria is in first place when it comes to the use and adoption of cryptocurrencies.
So after knowing the large percentage of people using cryptocurrencies in Nigeria I could finally understand why the government and the CBN is strongly banning cryptocurrency trading in that country, because if you take away from the total population the people who don't even have access to technology like the elderly or people who live in very remote places where there is no internet signal, you also take away the child population which is high, you are left with approximately 90 to 120 million people.
So if 62 million people DON'T use banking services to make or receive transactions outside Nigeria due to high fees and bureaucracy, you can understand how desperate the banks are for the huge amount of money they are losing.
But despite the bans we can see the strong resistance that Nigerians have, as they see the huge need for a decentralized and equitable financial and economic system, as well as a more effective and better system to make transactions from one country to another.
For example like Venezuela, Nigeria also has the same situation of people who have emigrated in search of a better economic situation, and when they have prospered in the countries they have moved to, they want to send money to their relatives and use banks but they realize it takes a lot of money to change it from one currency to another because of the high transaction costs, but cryptocurrencies help to break that barrier and do it in an effective and above all economic way due to its low transaction costs, as it avoids high commissions and delayed payment.
That is why despite the strict prohibitions that the government and the central bank of nigeria have put in place, people continue to use cryptocurrencies with total normality, because they represent a great economic advantage and with this survey we can see that the number of people who use cryptocurrencies daily in their lives is only increasing. And this thought of moving or using a decentralized economy, is very easy contagion for other nations, because when they see the great success it generates, they want to use it in the same way, so it is time to fasten your seat belts because the car has already started and very soon we will be reaching our destination, a fully digitized society where cryptocurrencies are finally used in all areas of life, and where using centralized money or controlled by a government bank is a real mistake.
Posted Using LeoFinance Beta
