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Bitpapa enters the cryptocurrency market in Nigeria

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Cryptocurrencies have proven to be an invaluable tool for those who lack access to traditional financial services (“the unbanked”) or who suffer from senseless monetary policies by local governments – a perfect description for the majority of Nigerians. But except for cryptocurrency mining and paid crypto work, you still have to get coins somewhere.

And a p2p marketplace bitdaddy is that place.

Why Crypto Is So Popular In Nigeria

It is estimated that over 30% of Nigeria’s over 200 million people now own crypto. According to the Statista Global Consumer Survey, this country was the world leader in terms of cryptocurrency adoption in 2021. In its 2022 Into the Cryptoverse report, global exchange KuCoin talks about around 35% of adult Nigerians who have used crypto in the last six months.

More importantly, this phenomenal cryptocurrency adoption was well advanced long before the 2021 bull market. 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 curb the use of the US dollar throughout the country. They didn’t see Bitcoin coming.

Crude oil exports remain the mainstay of the Nigerian economy, but the irony is that since 2015, Nigeria has received more money through remittances than from the sale of oil. Under such circumstances, the rise of Bitcoin as a vehicle for transferring value was only a matter of time – and so was the cryptocurrency operating ban imposed 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 crypto has gained so much traction across the continent. Nigeria’s national currency, the naira, loses 10-20% of its purchasing power every year, which says a lot about why so many Nigerians have turned to crypto in recent years.

Indeed, Nigeria’s official inflation rate of 13% for 2020 is a far cry from Zimbabwe’s 550%, but there is certainly more to come. Add to that limited access to basic financial services in the country and Bitcoin becomes king here.

The throne is never empty.

Bitpapa is coming to town

The story of cryptocurrency adoption in Nigeria is neither unique to this nation nor specific to African countries in general. In fact, all over the world people are suffering from inflation and abuse of authority. This has led to the advance of p2p marketplaces, extremely popular in places with uncertain regulation and lack of legal clarity.

bitdaddy has been in this business since 2018, and like other p2p marketplaces, it facilitates a free conversion from cryptocurrencies to fiat and vice versa. Unlike centralized exchanges, you don’t need to deposit in your local currency to buy crypto here. And you don’t need to go through any identity verification process either.

If you want to buy Bitcoin, you pay the seller directly by transferring payment to their account or card while the seller’s cryptocurrency is locked in escrow for the duration of the transaction.

This approach eliminates the risk of losing money due to the bad intention of the seller. He cannot run away with his coins after the buyer pays him. On the other hand, blocked coins are only released by the seller when he confirms receipt of the buyer’s money. Thus, the seller is also protected against a malicious buyer.

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 scam 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 includes an easy-to-use web interface, a convenient mobile app, and a smart Telegram bot. With these, you can trade BTC, ETH, TON, XMR, and USDT for an array 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 a few other African countries.

What’s in it for Nigerians?

Bitpapa brings together English-speaking buyers and sellers from Nigeria who are now able to protect the purchasing power of their savings by switching from the ever-depreciating Nigerian Naira to Bitcoin and other cryptos. More advanced users can create sophisticated trading strategies with Bitpapa and take advantage of daily crypto volatility.

Converting Naira to Crypto is as easy as selecting Cryptocurrency (e.g. Bitcoin) and Fiat Currency (Naira) in the filter form, choosing the coin vendor from the vendor list based on your personal tastes and your preferred method of payment, then complete a transaction with the seller.

You can buy crypto on Bitpapa with payment methods like Chipper Cash, Bunch of Outfits Gift Cards, Bank Transfers. Ultimately, you can use any payment method that allows you to prove payment to the seller. If you can’t find the method you want, let the Bitpapa support team know and it will be added in no time.

Bitpapa plans to organize online and offline events dedicated to raising awareness of Nigerians about cryptocurrency, creating job opportunities for local talent, implementing reward and loyalty programs for active Nigerian traders etc.

Conclusion

Smart use of cryptocurrencies allows you to make money through short-term price swings and long-term strategic growth, whichever comes first. Moreover, by building a solid reserve of digital assets and carefully managing it, you can turn the tide on the monetary authorities themselves, bent on taking the purchasing power away from you.

Bitpapa aims to offer the right tools to avoid the pitfalls of widespread currency devaluations and permanently eliminate financial slavery.

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investment advice.

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