Interestingly, the statistics are not very different from those recorded in 2020, when Nigeria emerged as before in Bitcoin searches, with the Delta state remaining at the forefront.
Blockchain Technology Association of Nigeria (SIBAN) stakeholder chairman Senator Ihenyen previously explained that he was less surprised at the trend's findings, as Nigeria's average age is 18,4 years. As such, it claims that the interest and adoption rate is indeed normal.
Young people's interest in cryptocurrencies in Nigeria has blossomed over the years. The CEOs and founders of some of the largest fintech and cryptocurrency platforms in the country are between the ages of 25 and 30. This explains why the cryptocurrency platforms that are exploited by the population to make transactions are created and used by young people.
The new data follows the recent development of Nigeria's peer-to-peer exchange rate hike. This has reached new levels following the ban on cryptocurrencies enacted by the Central Bank of Nigeria on financial institutions. The latter, therefore, have been forced to cut out cryptocurrency platforms or risk being sanctioned.
According to data from Usefultulip, Nigeria's peer-to-peer trading volume increased by 27%. That's just three months after the ban was announced, adding that a total of $ 103 million has since been moved to LocalBitcoins and Paxful alone.
According to a previous report, a large number of cryptocurrency transactions do not make it to exchanges and trading platforms as users are actively looking for a more understandable platform to help them make quick transactions.
Many cryptocurrency buyers and sellers in the country have opted for peer-to-peer trading on social media apps like Telegram, Instagram, and WhatsApp. Based on these data, the recorded volume of monthly transactions in the country is very likely to be much higher than reported.
However, we remind you that those who wish can also use automatic trading platforms such as Bitcoin system. A platform that allows you to enter cryptocurrency trading on tiptoe, investing truly negligible amounts.
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