Nigeria, as usual, has topped the chart of West African countries as it accounts for 50% of the weekly crypto trading volume in Africa. Reports have it that this is due to the increase in crypto exchanges being carried out by Nigerians on all crypto trading platforms available in the country. Statistical evidence has shown that Bitcoin worth over $100 million is being traded monthly on social media sites, Telegram and WeChat. We cannot say the exact reasons behind the increased use of social media applications, but we can accurately say that Nigerians are taking making use of social media platforms for trades to avoid the technicalities of formal crypto exchanges.
In Nigeria alone, formal crypto exchange platforms like Luno record over $5 million in daily exchanges, while exchanges like Paxful record over $17 million from weekly transactions. Social platforms like Instagram, Facebook, Telegram, WeChat and WhatsApp happen to be the most informal trading platforms of which nothing much is being expected but, to the awe of all, delivers much more than we could ever imagine.
Nigeria’s Crypto Community Activities on Social Media Platforms
Telegram and WeChat have topped the chart of social media platforms used by Nigerians in successful exchanges. This development has shown that simplified, stress-free, and easy-to-use crypto exchange platforms are being preferred to the formal trading platforms, which possess technical trading features.
Although social media platforms seem to be okay for personal and small-scale transactions, the need for secure transactions and correct recording of transactions as well as connection to the right Bitcoin plug is responsible for the high demands for formal crypto exchanges. As a result, platforms like Luno need to restructure their exchange features to more comprehensive ones to avoid leaving anyone out.
The series of events happening in the Nigerian crypto community has shown that a ban on cryptocurrencies in the country cannot go down well as the government might think. Nigerians are clearly experts in finding alternative routes to anything, and getting more easy-to-use platforms that still operate with blockchain technology will not be a hard task for them.
We can liken the series of events taking place in Nigeria’s crypto community to that of other countries with the crypto ban. The ban on crypto-only necessitated the use of alternatives to carry out crypto activities.