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Benefits of Bitcoin from a different angle according to a Nigerian

Benefits of Bitcoin from a different angle according to a Nigerian

One Nigerian is explaining the benefits of Bitcoin from an alternate angle. Bitcoin is a versatile asset and has multiple hats, including its function as a currency. Recently one Nigerian Tweeted detail about how Bitcoin has helped him over a slew of monetary difficulties.


Bernard Parah is the CEO of Bitnob. He said that growing up in Nigeria gave him a different lens through to see Bitcoin. Moreover, his Tweet was a part of a thread detailing a bevy of monetary difficulties pointing towards Bitcoin as a solution.


Money Controls


He further added that one could not spend more than $100 on international sites using a card due to monetary controls. He also said that they could not send money to their hometown due to the ridiculous fee. Moreover, in case of emergencies, the funds might not get there on time.


Money of the world can be soiled, especially when it comes to crossing the borders. Sending Bank wires will require transactions during banking hours, whereas other forms of money transfer take time to settle on the backend.

Bitcoin


Moreover, they will also require personal information in the process. On the other hand, Bitcoin works pseudonymously without regard for borders for hours of operation. Inflation is massive trouble for some of the countries. Hence storing native currency can be an issue.


Parah also mentioned currency in one of his tweets. He also pointed towards the control Financial Institutions have if money is stored with them. Parah said that you could have your account blocked because of taking part in or donating to a protest. He also said that if they own the money, they own you.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.