Cryptocurrencies have proven to be an invaluable tool for those who do not have access to traditional financial services (“the unbanked”) or suffer from the insane monetary policies of local governments – a perfect description for most Nigerians. But with the exception of cryptocurrency mining and cryptocurrency paying business, you still need to get coins somewhere.
And the Bitpapa p2p marketplace is that place.
Why crypto is so popular in Nigeria
It is estimated that more than 30% of Nigeria’s population of more than 200 million have owned cryptocurrencies so far. According to the Statista Global Consumer Survey, the country was the global leader in cryptocurrency adoption in 2021. In its 2022 Into the Cryptoverse report, global exchange KuCoin says 35% of Nigerian adults have used crypto in the past six months.
Most importantly, this phenomenal adoption of the cryptocurrency was well underway long before the bull market of 2021. Bitcoin’s rise in popularity among locals began in 2016 when the Central Bank of Nigeria (CBN) introduced strict capital controls in an effort to limit the use of the US dollar throughout the country. They didn’t see Bitcoin coming.
The export of crude oil remains the mainstay of the Nigerian economy, but the irony is that since 2015, Nigeria has received more money through remittances than from oil sales. In such circumstances, the emergence of Bitcoin as a means of value transfer was only a matter of time – as was the ban on cryptocurrencies introduced by the CBN on January 12, 2017.
With the Zimbabwe dollar and its spectacular collapse as an illustrative example, it is easy to see why cryptocurrency has gained so much popularity across the continent. Nigeria’s national currency, the Naira, loses 10-20% of its purchasing power every year, and that speaks volumes as to why so many Nigerians have switched to cryptocurrencies in the past few years.
Indeed, Nigeria’s official inflation rate of 13% for 2020 is a far cry from Zimbabwe’s 550%, but more is sure to come. Add to this combination limited access to basic financial services in the country and bitcoin will become king here.
The throne is never empty.
Bitpapa is coming to town
The story of cryptocurrency adoption in Nigeria is not unique to this nation nor is it specific to African countries in general. In fact, everywhere around the world, people are suffering from inflation and abuse of power. This has led to the rise of p2p markets, extremely popular in places with uncertain regulations and a lack of legal clarity.
Bitpapa has been in this business since 2018, and like other p2p marketplaces, it allows for free conversion of cryptocurrencies to fiat and vice versa. Unlike centralized exchanges, here you don’t need to make a deposit in local currency to buy cryptocurrencies. You also don’t have to go through the identity verification process.
If you want to buy Bitcoin, you pay the seller directly by transferring the payment to their account or card, while the seller’s cryptocurrency is kept locked in escrow for the duration of the trade.
This approach eliminates the risk of losing money due to bad intentions of the seller. He cannot run away with his coins after the customer pays him. On the other hand, the seller releases the deposited coins only when he confirms the receipt of money from the buyer. This also protects the seller from malicious buyers.
It is easy to see that, unlike centralized exchanges, the market does not participate in the transfer of money from buyer to seller and cannot embezzle from you or freeze your funds. And as soon as you receive the coins from the seller, you are free to withdraw them to an external wallet as you see fit.
Bitpapa has designed an extremely convenient trading platform that has an easy-to-use web interface, a handy mobile app and a smart Telegram bot. With them you can exchange BTC, ETH, TON, XMR and USDT for a range of fiat currencies. You can also use the service as a free multi-currency cryptowallet to store your coins.
And the good news is that the service is now available in Nigeria as well as several other African countries.
What’s in it for Nigerians?
Bitpapa brings together English-speaking Nigerian buyers and sellers who can now protect the purchasing power of their savings by switching from the ever-falling Nigerian Naira to Bitcoin and other cryptocurrencies. More advanced users can build sophisticated trading strategies with Bitpap and take advantage of the cryptocurrency’s daily volatility.
Converting Naira to crypto is as simple as selecting a cryptocurrency (for example, Bitcoin) and a fiat currency (Naira) in the Filter form, selecting a coin seller from the list of sellers according to your personal preference and preferred payment method, and then making a trade with the seller.
You can buy cryptocurrencies on Bitpapa with such payment methods as Chipper Cash, gift cards from a bunch of outfits, bank transfers. Ultimately, you can use any payment method that allows you to prove payment to the seller. If you don’t find the method you want, let the Bitpapa support team know and it will be added shortly.
Bitpapa plans to hold online and offline events dedicated to raising awareness of cryptocurrencies among Nigerians, creating job opportunities for local talent, implementing rewards and loyalty programs for active Nigerian traders, etc.
Smart use of cryptocurrencies allows you to make money from both short-term price fluctuations and long-term strategic growth, whichever comes first. Moreover, by building a solid stock of digital assets and managing them carefully, you can turn the tables on the monetary authorities themselves, who want to take purchasing power from you.
Bitpapa aims to offer the right tools to avoid the pitfalls of universal currency devaluation and end financial slavery forever.
This post contains sponsored advertising content. This content is for informational purposes only and is not intended as investment advice.