Post
Topic
Board Press
Re: [2017-02-02] Nigeria: An In-Depth Look at Using Bitcoin in a Currency Crisis
by
ByzantineGeneral
on 03/02/2017, 21:53:57 UTC
To @cr1776

Yes, inflation in Nigeria is currently 80%.

Source: https://www.cato.org/research/troubled-currencies

Nigerians can only protect real wealth against that with USD or possibly Gold or Bitcoin.

But the beauty of the scheme to finesse false official USDNGN FX rate explained in the Bitcoinist article that I wrote is that the Receiver of the remittance wins by 50% over official rates with a constant Bitcoin price. Does not depend on Bitcoin price going up.