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- Nigeria’s P2P has opted not to stay suppressed in the increasing race of participating in the popular BTC market
- As CBN banned crypto, the individuals of the country faced a huge problem and took to leveraging BTC
- Earlier, this platform did provide individuals with a much more efficient and cheaper way of moving funds and capital
With the current craze for BTC in the entire market of crypto, huge investors, tech giants, and many more are actively investing in this cryptocurrency. With this surge in and popularity of BTC, the Nigerians will not lag in this race. It has increased its transaction volumes several-fold compared to entire Africa combined. The Nigerian P2P has taken a huge leap in its prices, exchanges, and many more. This entire popularity of BTC in the market increased several folds with Elon Musk’s entry into this domain, wherein the price of BTC struck its all-time highest. Several expert data reveals that Africa’sAfrica’s leading Oil producer has carried out the peer-to-peer monthly transaction volumes, totaling $31 million. Kenya then follows these data at $12.1 million and Ghana at $8.4 million.
The BTC’s P2P procedures
In the case of the P2P exchange in Bitcoin, it involves two different parties without even involving any of the central authorities. This procedure is a completely DeFi kind of approach in exchanging Bitcoin among a group or between individuals. However, very recently, CBN announced the banning of crypto, which has triggered several malpractices in the domain, taking advantage of the circumstances. The banning and literally pulled crypto exchanges into a black-market wherein brokers are taking advantage of the users, which has led to a more negative impact than a positive one. With this announcement being made a few times back, Nigeria regained its position in the race of price raises in P2P BTC transactions.
The impact and the outcomes
With the banning, a huge population of Nigeria has shifted to leveraging BTC to sustain and earn a living. The huge inflation in the crypto market is not an unknown fact and has caused problems in small-scale investors’ lives. They are also facing a strict use of the FX liquidities even after being one of Africa’sAfrica’s biggest economies. For a long time, this platform had allowed the country’s individuals and groups to move huge amounts of capital in a very cheap and easy way compared to their older traditional ways.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
