1. Bitcoin helps Nigerians escape inflation and protect their wealth:
Bitcoin helps Nigerians escape inflation by allowing them to save money in Bitcoin which holds value better than the Naira, that loses value due to rising prices and devaluation.
For example:
If you were saving 500 thousand naira in a bank in Nigeria far back 2019 till now the money has lost value however saving that same amount in Bitcoin and holding it till date would have added more value to the money equaling it to millions of Naira today.
2. access global financial opportunities:
Bitcoin helps Nigerians to do online business, or freelance globally without needing foreign bank accounts or dollar approval.
A lot of people in Nigeria are now working online and in different countries while still based in Nigeria and payment of salary is then made easy, most of us here receive payment from our different campaign through Bitcoin.
When people are panicking as the Naira becomes worthless, Bitcoin is the only solution. In this situation, assets are constantly being devalued due to inflation, so converting assets into Bitcoin is a good way to protect from inflation and on the other hand, there is a good opportunity to profit from the increase in the value of Bitcoin.
In Nigeria, even though PayPal and Stripe cannot provide their services, Bitcoin is used as an alternative, which provides special benefits to all freelancers and developers. Since it is a direct transaction, there is an opportunity to get money very easily.
Sometimes
CBN may impose various restriction particularly using bank facility. Bitcoin works as the only one alternative to the conventional Banking system.