Bitcoin remittances are on the rise in Nigeria, many developing countries are receiving remittances from their emigrant citizens.
Nigeria is experiencing a bitcoin remittance boom.
Many developing countries are receiving remittances from their emigrant citizens, who send part of their earnings back home.
These shipments are often sent via outdated means, which are not only slow but also expensive.
An international bitcoin transaction, on the other hand, can be faster and much cheaper, either over the network or via Lightning Network, the second layer of bitcoin, which makes these transactions almost immediate and extremely cheap.
For example, the decision to El Salvador The fact that Bitcoin is legal tender in the country is due in part to the increasing use of BTC by Salvadorans to send remittances from abroad.
Something similar is also happening in Nigeria, where remittances received in traditional currency dropped from $2.5 billion to $55 million last year.
In other words, they dropped 98% in 2020 because people started to prefer using BTC for this purpose.
Remittances to Nigeria dropped 98% in 2020 because people used # Bitcoin to send money instead.
It’s probably nothing… 🤔
Watch: at 1min 8 secs
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) June 13, 2021
Nigeria leads the “Bitcoin revolution”
According to Twitter founder Jack Dorsey, there is a possibility that Nigeria could lead a kind of “revolution” regarding the adoption of bitcoin in Africa.
— jack (@jack) June 13, 2021
In fact, football star Russell Okung, of Nigerian origin and a well-known Bitcoin supporter, sent an open letter to President Muhammadu Buhari in which he explicitly suggests following the example of El Salvador.
It is common knowledge that many Nigerians have a sincere interest in cryptocurrencies and, given the growing use of bitcoin in the country, in particular to receive remittances from abroad, it is to be expected that, at the very least, the population will agree with the adoption of BTC as a national currency alongside Nigeria’s Naira (NGN) which has lost 50% of its value against the US dollar in the last 5 years, 8% of which in the last month alone.
In other words, conditions in Nigeria seem to be effectively and objectively present for the country to decide to follow El Salvador’s example.
Source: the Cryptonomist