Some of the earliest adopters of bitcoin were Africans, and of those specifically Nigerians. Nigeria has a few qualities that make it perfect for large scale cryptocurrency usage.
Nigeria is HUGE. ??
Nigeria is the most populous country in Africa and seventh most populous country in the world. With 204 million people, Nigeria is nearly twice as big as the second most populous country in Africa (Ethiopia with 109 million), and 16% of the total population of the continent.
Because Nigeria is so big, many of the cryptocurrency day traders have large networks of friends whom they rely on for information, bitcoin funding, and business relationships. This close nit network gives Nigerians an advantage over other countries, they stick together and are stronger for it.
Nigeria is SMART. ?
Nigerians have a reputation for being quick witted, hard working, and very emotionally intelligent. As with many countries in Africa and the developing world, government corruption plays a destructive role in society's development and as desperate citizens look for alternative ways to make a living, many turn to fraud as a last resort. While the vast majority of Nigerians mean well and do great work, unfortunately, the reputation of a country can be determined by a small percentage of the population.
Nigeria's history with fraud is really misdirected intelligence and energy. Just like with every country, many of the first people to use the internet do so with nefarious reasons, but as usage grows so do positive value creating opportunities. This has been the path of Nigeria as well. Now more than ever, because of cryptocurrencies, Nigerians are using their intelligence and energy to make money day trading with new arbitrages. The culture in Nigeria is one of hustlers, which is the perfect mentality to have when trading cryptocurrencies.
Nigeria is CONNECTED. ?
Because Africa was late getting broad band access to the internet, the growth cycle was different than what we saw in the West. Only 30% of the country was connected to the internet in 2017, and by 2023 it's estimated that 90% of the country will come online from internet companies like Spacex's Starlink
The effect from a country this size coming online in a 10 year period is enormous. We've seen how much the internet has changed western society, everything is on demand, communication is instant and free, and the financial network is like water.
Nigeria is Underbanked. ?
For Nigerians the banking system hasn't been an option for many people, and now with mobile banking and a decentralized financial system like bitcoin, access to money is basically free, instant, and trustworthy.
Nigeria is Africa’s most populous country at 200 million with an unbanked population of 50M adults. The Nigerian banking system currently consists of 22 commercial banks, far lacking the traditional financial infrastructure to power 2ooM people.
Luckly Nigeria and most of Africa will benefit from the leapfrog effect going straight to mobile phones skipping over land lines, as well as going straight to blockchain finances. For people living in the West, you don't appreciate how much stable currency and reliable finances change a society. It is everything. And the best part is that Nigerians can participate to the global economy, bringing in new innovative jobs and skills.
Nigeria is HUNGRY. ?
Lagos is twice the size of New York City, and it's buzzing with energy. The city is known as the "City of Hustle", and you can see it when you meet the people. People of Lagos love to work and make money. Most of the young people these days are all connected on mobile phones and love any side job they can find to make some extra money. Redeeem for many people in Lagos has turned into a great way to sell gift cards for bitcoin.
Nigeria is a country that very much wants to be on the world stage, the population is big enough to compete with the major countries, and the culture is hungry enough to adapt and change. Already Nollywood (Nigeria's version of Hollywood) has taken over Hollywood as the #2 producer of movies (although Hollywood still earns much more revenue).
You can see it in the young population, they are living different lives then their parents. They are becoming singers, artists, bankers, and crypto traders where many of their parents were farmers (agriculture is still the #1 industry).
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