Including its function as a currency, a versatile asset, Bitcoin can wear multiple hats
A slew of monetary challenges were solved through Bitcoin by one Nigerian, according to him
“Growing up in Nigeria, I see #Bitcoin with a different lens than you do if you grew up in the US for example,” said the CEO of Bitnob, Bernard Parah, in a tweet on Thursday. His tweet was part of a thread detailing a bevvy of monetary difficulties, pointing toward Bitcoin as a solution.
“You cannot spend more than $100 on international sites using your card – You can’t spend your own money, you can’t buy that PS5 if you wanted to because of monetary controls,” Parah explained as one difficulty.
“You got lucky to go abroad, find some work and want to send money home to mom but have to pay ridiculous fees to do that. If it’s an emergency, those funds might not get there on time,” he noted as another example.
Money in the world can be siloed, especially when it comes to crossing borders. Sending bank wires requires transacting during banking hours, while other forms of money transfer take time to settle on the backend and may require personal information in the process. Bitcoin, on the other hand, works pseudonymously, without regard for borders or hours of operation.
Inflation can also be a problem in some countries, so storing native currency can be an issue, which Parah also mentioned in one of the tweets. Parah also pointed toward the control financial institutions have if money is stored with them. “Having your bank accounts blocked because you took part in or donated to a protest,” he posted as a difficulty suffered by younger folks. “If they own the money, they own you.”