Although yet to be regulated, Bitcoin is said to hold huge prospects for businesses, especially small and medium scale enterprises, and the mass of youths in the country. Bitcoin Cryptocurrency CIBN
According to analyst, the currency’s digital format makes for faster, cheaper, easier exchanges of cash from which many small businesses may benefit. In all, Bitcoin’s assets stem from its decentralisation. Blockchain, the technology bitcoin was built on, allows you to not have to rely on a bank to process your financial transactions.
Bitcoin was the first and is the largest cryptocurrency in existence made by Satoshi Nakamoto.Speaking with The Guardian, the Chief Technical Officer, Luno, Chinedu Obidiegwu, said Bitcoin is a store value just like gold, and other digital currencies, adding that it can also enable people, especially the youths to be self-employed.
Against the perception that Bitcoin is illegal, Obidiegwu explained that although there is no regulation for it yet in Nigeria, “but a group in Nigeria is trying to work with regulators to get regulation around it, so that it can have legal backing.” The CIBN said 41 per cent of new users of bitcoin were reportedly from Nigeria, Ghana and South Africa. The use of Bitcoin has continued to grow worldwide irrespective of the dangers of insecurity of funds and scams.
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