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.
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