Some of the earliest adopters of bitcoin were Africans, and of those specifically Nigerians. Nigeria has a few qualities that make it perfect for large-scale cryptocurrency usage.
Nigeria is the most populous country in Africa and the seventh most populous country in the world. With 204 million people, Nigeria is nearly twice as big as the second-most populous country in Africa (Ethiopia with 109 million) and 16% of the continent's total population.
Because Nigeria is so big, many cryptocurrency day traders have large networks of friends they rely on for information, bitcoin funding, and business relationships. This close-knit network gives Nigerians an advantage over other countries. They stick together and are stronger for it.
Nigerians have a reputation for being quick-witted, hard-working, and very emotionally intelligent. As with many countries in Africa and the developing world, government corruption plays a destructive role in society's development as desperate citizens look for alternative ways to make a living. Many turn to fraud as a last resort. While the vast majority of Nigerians mean well and do great work, unfortunately, a country's reputation can be determined by a small percentage of the population.
Nigeria's history with fraud is really misdirected intelligence and energy. Like every country, many of the first people to use the internet do so for nefarious reasons, but as usage grows, so do positive value-creating opportunities. This has been the path of Nigeria as well. More than ever, because of cryptocurrencies, Nigerians are using their intelligence and energy to make money day trading with new arbitrages. Nigeria's culture is one of the hustlers, which is the perfect mentality to have when trading cryptocurrencies.
The effect from a country this size coming online in a 10 year period is enormous. We've seen how much the internet has changed western society. Everything is on-demand, communication is instant and free, and the financial network is like water.
For Nigerians, the banking system hasn't been an option for many people. With mobile banking and a decentralized financial system like bitcoin, access to money is basically free, instant, and trustworthy.
Nigeria is Africa’s most populous country at 200 million, with an unbanked population of 50M adults. The Nigerian banking system currently consists of 22 commercial banks, far lacking the traditional financial infrastructure to power 2ooM people.
Lucky Nigeria and most of Africa will benefit from the leapfrog effect going straight to mobile phones, skipping over landlines, and going straight to blockchain finances. For people living in the West, you don't appreciate how much stable currency and reliable finances change a society. It is everything. And the best part is that Nigerians can participate in the global economy, bringing in new innovative jobs and skills.
