Should Nigerian Businesses Start Adapting to Cryptocurrency Now?

• Published date: 10 January 2023
• Publication title: Nigeria - The Nation

Africa is the next frontier for the internet, and Nigeria now has more than 84 million people connected out of its population of 211.4 million. As the usage of the online world spreads around the country, business owners need to consider what the future of internet-based companies has in store.

By the time the internet becomes ubiquitous in Nigeria, there's a chance that cryptocurrencies could be mainstream around the world. Therefore, it makes sense for Nigerian business owners to start adopting to the technology now.

Cryptocurrency About to Go Mainstream

The question that Nigerian business owners need to think about now is whether they believe Bitcoin, Ethereum and other cryptocurrencies are about to go mainstream. Although cryptocurrency has become more broadly accepted in recent years, it is still not as frequently used as conventional forms of money. However, as more people become aware of its potential advantages, it is highly likely that Bitcoin use will expand in the future.

There are many factors that could help cryptocurrencies become more widely accepted. These include their capacity to speed up and reduce the cost of international transactions, their potential to offer a more private and secure way to make payments online, and as an investment prospect due to their inherent scarcity. The problem is that it's hard to predict how and when these digital monetary options will enjoy mass usage. Still, savvy business owners should be aware of their potentially world-changing capabilities.

Prebuilt Platforms Now Integrating Crypto

Some business owners may have bought into the idea of cryptocurrency one day replacing fiat currencies, but they face stumbling blocks at the stage of trying to integrate them into their sites. The good news for these people is that there are now numerous online tools that help startups build their websites. Many of these...