Nigeria has a population of over 170 million and according to Chainalysis, Nigeria received $2.4 billion in cryptocurrency in May 2021, while it was only $684 million in December 2020.
Some facts about the cryptocurrency market in Nigeria
1. Nigeria is now officially the second largest cryptocurrency market after the USA:
Nigeria has the second largest cryptocurrency market in the world with more than 60,214 bitcoins traded. And also the largest in P2P and thus, peer-to-peer trading. Based on published statistics, most cryptocurrency exchanges and transactions in Nigeria are done through P2P deals.
They often sell bitcoin gift cards and then sell bitcoin for cash. In late 2020, Nigeria recorded rapid growth that exceeded 10% of its peers from rival African countries such as Kenya and South Africa.
2. The amount of cryptocurrency in dollars that users receive in Nigeria is constantly increasing:
According to Chainalysis, Nigeria received $2.4 billion worth of cryptocurrency in May 2021, while it was only $684 million in December 2020.
As cryptocurrencies like Bitcoin, Ethereum, and many others maintain a steady growth year on year, this influences individuals to access this lucrative market. As a result, the dollar amount of cryptocurrency in Nigeria continues to increase annually.
3. High crypto adoption rate in Nigeria:
As mentioned earlier in the introduction, Nigeria is known to be one of the African countries that have adopted the use of computers (technology) along with countries like Egypt, South Africa and many others.
It is normal to see people making bank transfers on their smartphones to purchase goods and services just like using cryptocurrencies.
With a country with a high population and high competition in the market, the adaptation of cryptocurrencies is increasing every year. As it looks a bit private, it saves money in terms of cost and prevents third parties like banks during transactions, etc.
“Aside from this, Triple-A released a global adoption report that states that as of 2021, there are more than 300 million crypto users worldwide, and Nigeria is among the countries with nearly 13 million users. Using the volume of With an assumed population of 200 million people, this means that about 6.5% of Nigerians have used cryptocurrency in one form or another.”
4. Cryptocurrency regulation in Nigeria:
Bitcoin use is not illegal in Nigeria, but the Central Bank of Nigeria (CBN) has issued letters to banks banning cryptocurrency exchanges.
From other sources, it has been reported that these banks have had to cancel accounts involving cryptocurrency exchange, and the idea behind this too, is to prevent untraceable transactions and illegal activities such as; Money laundering, terrorist financing and many other matters in the country.
Why is cryptocurrency booming in Nigeria
1. Nigerians use bitcoin to hedge against inflation as the naira continues to lose value:
Just like almost all other African countries, the dollar is always rising as a result of the high inflation that occurs in these African countries. Mostly, people in these countries are involved in trading or investing in cryptocurrencies to hedge against inflation of their local currencies like Naira.
You may be asking yourself, “How does that happen?… The answer is that cryptocurrencies like Ethereum and Bitcoin are also worth more than dollars, so 1bitcoin is not worth $1 but roughly $60,000.”
This clearly shows how profitable it would be to participate in cryptocurrency exchanges to make profits as well as escape or hedge against currency inflation like Naira.
2. Nigeria has one of the smallest populations in the world and is ready for digital finance:
Nigeria currently has a population of 170 million and is also one of the densely populated countries in Africa and the world. As one of the countries with a younger population, adapting to the use of current trends in finance such as the use of cryptocurrencies and electronic payment is high and is booming.
3. Many Nigerians have turned to the cryptocurrency industry in search of an opportunity to earn money:
Just as it was explained earlier in this article, about how some Nigerians and not only Nigerians but individuals in most African countries use cryptocurrencies like Bitcoin to hedge or escape high inflation of their local currencies in their different countries.
Some people trade bitcoin as such (buying and selling) on P2P platforms like Queen Cola. The idea behind this is to profit from transactions (buying and selling). Others buy these cryptocurrencies as an investment, and as the market price continues to rise, they tend to spend their earnings and sometimes invest more.
How to make money from crypto in Nigeria
1. Trade or hold cryptocurrencies:
Buying and selling cryptocurrencies is one of the simplest ways one can use to earn money from cryptocurrencies. This can be done on P2P platforms such as Queen Cola.
According to most articles published about bitcoin trading in Nigeria, most of the transactions that take place in Nigeria are done through P2P platforms. Thus, individuals buy and sell these cryptocurrencies on P2P platforms like Queen Cola.
Another way to earn from cryptocurrency is to hold or buy with the intention of investing. Hence, buy any amount of bitcoin to make a future profit. CoinCola provides its users with a secure wallet in which they can save their bitcoins for future use.
2. Selling Bitcoin Gift Cards:
Also, selling bitcoin gift cards is one of the simplest ways to earn with cryptocurrency. Mostly, people sell their gift cards for bitcoin and then sell their cash for cash. Others invest too but at the end of the day, they all earn some bucks.
3. Join affiliate marketing programs such as CoinCola Affiliate Program:
The last thing on the list is joining Bitcoin affiliate programs. You may ask “What is an affiliate program or affiliate marketing? An affiliate program is the process of referring or obtaining new customers from companies to either purchase or complete a certain task and then get paid.
Thus, to participate in this activity, you do not need to acquire or buy bitcoins. You will have to refer new friends to these cryptocurrency platforms and get paid with bitcoin.
The Coincola Affiliate Program is available to both old and new users on Coincola. You will just need to have an account, get your referral link and then share it with friends and families. (On all social media platforms)
As soon as anyone registers and buys or sells any amount of cryptocurrency there, you will be paid a commission.
New users will enjoy big rewards
In case of any questions, you can contact the CoinCola administrator on WhatsApp: +852 90653442.
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