A crypto user from Nigeria now testifies that Bitcoin is a multi-layered financial product that offers added value that goes far beyond speculative trading.
Bernard Parah, the CEO of Bitnob, said in a related Thursday Twitter-Thread, what use the market-leading cryptocurrency can have, especially in developing countries in Africa: “Because I grew up in Nigeria, I see #Bitcoin from a completely different perspective than, for example, people from the USA.”
“We can’t pay more than US $ 100 with our cards in foreign online shops. So we can’t even spend our own money. If we want to buy a PS5 abroad, that won’t work because of the restrictions in force, ”as Parah exemplifies made clear.
“If you are lucky enough to find work abroad and then want to send money back home, you have to pay horrific fees for it. And if there is an emergency, the money usually doesn’t even arrive on time, ”says Parah further.
In fact, the world’s monetary cycles are still very much isolated from one another in many respects, which makes international money movements all the more difficult. In any case, direct transfers can often only be made during regular opening hours, which can lead to considerable delays between different countries or time zones. Other payment methods abroad also take a similar amount of time and involve extensive disclosure of personal information. Bitcoin, on the other hand, offers much higher data protection and knows neither opening times nor national borders.
In addition, high inflation is a massive problem in many developing countries, like the Bitnob boss in his Tweets means. Bitcoin can help here as a store of value.
The control of assets by financial institutions in these countries is particularly important for committed young people problematic: “They can block your bank account because you participated in a protest or made a political donation. If they control your money, then they control you. “
Accordingly, Parah is euphoric about the added value of the crypto currency together: “Since it has existed, it has enabled us to be citizens of the world, to trade with the rest of the world, to share in the prosperity created by the Internet. […] What works like magical internet money for you is the chance for freedom, the chance for prosperity for us and we won’t let this chance slip away so easily. “
#Bitcoin allows us to build a future for where one might never need to open a bank account in order to participate in commerce with anyone around the world.
The internet has changed our lives, mostly for the better. Now we have money that works on the internet
– Bernard Parah (@bernard_parah) May 20, 2021
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