Even though she is the seventh most populous country, and most populous in Africa with the largest economy in Africa, with more than $500 billion of nominal gross domestic product, the truth is.
Nigeria still ranks 158th in the Human Development Index and has a large variety of problems regarding the lack of education, organized crime and human rights which means citizens are on the search for a genuine business to keep body and soul together which led to the introduction of crypto in Bitcoin.
But wait. You want to know how Bitcoin came to Nigeria, right.
First off, the good news is that Bitcoin is legal in Nigeria, and the “supposed bad news?”
In a moment I will tell you why what the SEC relates to the history of cryptocurrency in Nigeria.
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The History of Cryptocurrency in Nigeria and Africa
Before Nigerians finally declared war on cryptocurrency scam in 2017 having being fed up of the frustrations and losses they encountered because what most of Nigerians love (Quick Rich Schemes) busted their intestines.
Talk about Quick Rich Schemes and most Nigerians looking for ways to make money online are 5 & 6 which usually land them on Ponzi platforms fueled by GREED to get rich overnight because it seems cool.
An example of a get rich scheme reads as thus “Invest $50 and get $90 in 5 days to 2 week times”.
First losing my funds in 2015 on an investment website called TrafficMonsoon, which was eventually closed by the government of the USA, my journey to cryptocurrency was about to be opened.
Shortly after TrafficMonsoon loss and saga, there came another investment site called Click Intensity in 2016 which the CEO “Nick Johnson” eventually went away with hundreds of thousands of dollars and till today haven’t heard nothing with the investment money of (Greedy) investors.
Click Intensity is mentioned because Bitcoin was part of the payment method used back then apart from Perfect Money, AdvCash, and Bank Wire and more.
Like me, there were hundreds if not thousands of Nigerians on these platforms and more scammy investment sites I graduated from after many losses.
History of Cryptocurrency & Bitcoin in Nigeria, Early 2016
While Bitcoin was still rallying between $600 and $630, my crypto friend lamented about not having funds to invest in Bitcoin back then.
According to him, if we could invest at least 1BTC at $623 then or even in pieces one could make a lot of money.
Hmm. No. We never saw it from this angle because we were consumed by the profits of the Ponzi Company “Click Intensity”.
Before our eyes, we saw Bitcoin at $623 but the emotions attached TO FAST Rich Schemes were too powerful for us to have a rethink.
History of Cryptocurrency & Bitcoin in Nigeria, Mid 2016
Still flowing from income from the scammy investment site before the closure, there came the biggest cryptocurrency prison break in Africa and Nigeria in the name of The-Billion-Coin. Popularly known as TBC.
For me, I was like, if I missed Bitcoin at $20-$100, I can’t miss The-Billion-Coin.
I was very wrong. 100% wrong.
Before it even spread to major parts of Africa, I had become a TBCoin evangelist in my local area admonishing all my loved ones to invest in their future that as soon as the coin appreciates with exchanges on the way we will all be rich, millionaire investors.
Again. I was so badly wrong.
Collectively, I sunk in money and grossly, I lost millions of Naira because I never wanted to miss out on another revised standard version to Bitcoin.
I would have noted that…
BTC is never TBC!
TBC will never be BTC!
Before my eyes, I watched how The-Billion-Coin was worth $100,000/TBC, more than Bitcoin 100 times when Bitcoin was rallying to reach $1,200/BTC.
Who did this to me?
Just as myself, at this point, Nigerians came to know about cryptocurrency as a digital asset and eventually how to use it (make transfers, receive and exchange to Naira).
By this time, millions of Nigerians knew about Bitcoin because one of the payment gateways for The-Billion-Coin was BTC, can you imagine that?
In case you are thinking of how a coin could cost hundreds of thousands more than Bitcoin then here is their growth mantra.
The Current Price of TBC is increased once every 24 hours according to the Formula embedded within the software until it reaches its Ultimate Price. The value of The Billion Coin is not attached to the volatility of the markets; and both Buyers and Sellers of TBC use the Current Price to conduct transactions.
History of Cryptocurrency & Bitcoin in Nigeria, December 2016
For the lucky Nigerians that never heard of TheBillionCoin, they never lost enthusiasm to cash out from another TBC sister scammy investment platform called “MMM”.
Because I had already lost millions, I couldn’t invest in it until I was forced once in November before it went for good in December 2016.
And what has MMM got to do with Cryptocurrency & Bitcoin in Nigeria?
Because Bitcoin was one of the payment options on MMM. That is, if you Provide Help with Naira you get 30% but if with Bitcoin, you got 50%.
With the two powerfully digital Ponzis of all time in Nigeria, Cryptocurrency & Bitcoin in Nigeria was now a thing. It became a household name.
But trust Nigerians they love Ponzi like Dog meat with Palm Wine. Lol.
After MMM caused a lot of people to go broke, lose lives and relationships, another Ponzi scheme called GetHelpWorld (GWH) was still making use of Bitcoin as members could PH and GH.
By this time, I was broke and out of Bitcoin entirely so I was just hearing about it without participating.
Surely, 2016 was a boom year for some Nigerians and the worst for many.
A boom year for a few.
A super fantastic loss for the majority.
History of Cryptocurrency & Bitcoin in Nigeria, Early 2017
Continuing and with members cashing out on GetHelpWorld (GWH) till 2017, it later went on and never came back and another anguish fell on the most GREEDY that arrived late because Ponzi works using a singular structure.
Singular Structure – those that go to the market first buy the best fish displayed while those who come late get fragments.
In terms of Ponzis, those who go late count their blessings of losses.
It was only when the losers were more than the winners that Nigerians joined hands to declare war on cryptocurrency scam in 2017.
CBN and Cryptocurrency in Nigeria
Even though the SEC has been applauded for proposing a legal framework that will regulate crypto-token or crypto-coin investments, urging them to intensify efforts towards accelerating the penetration of the technology in Nigeria, especially in the areas of regulation.
A major turning point might be for the CBN to voice out that they’ve given licenses to cryptocurrency Exchanges in Nigeria.
But note, even if there is no official licensing yet nor accepting virtual currencies as legal tender in Nigeria, the Central Bank of Nigeria has warned Nigerians to steer clear of crypto investments, mostly shady ones.
Be it as it may, there are tens of crypto exchanges doing their exchange business in Nigeria.
I guess the foolproof confidence is based on the stand of the Securities and Exchange Commission.
History of Bitcoin in Nigeria Today
There is no doubt about it.
Bitcoin has come to stay in Nigeria because there are now millions of crypto users in Nigeria, lots of exchanges for beginners to buy and hold crypto assets, and advanced users to trade crypto and make money online.
And as it is, apart from Nigeria, there are a lot of African countries making sense of cryptocurrency today.
In fact, a look at the statistics by The Chartered Institute of Bankers of Nigeria shows that about 41% of new users in bitcoins were reportedly from Nigeria, Ghana, and South Africa.
In conclusion, the use of bitcoins has continued to grow worldwide irrespective of the dangers of insecurity of funds and scams.
That’s just a case of how Bitcoin and crypto came into Nigeria.
Over to you.
What’s your history of Bitcoin story as a Nigerian or an African? Let me hear you below.
Ref. Graphics. Canva.com, Crypto wallets