Bitcoin – with its versatility in different functions, one in currency, particularly – has reportedly granted a man from Nigeria a way of numerous money-related problems.
Specifically, the Nigerian – Head of Bitnob Bernard Parah – reportedly shared that Bitcoin has a different impact in his hometown, compared to how it functions in the US, where Bitcoin has helped him survive through many monetary hardships.
“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. 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,” Parah reportedly remarked.
Money across the globe can be isolated from others, particularly in terms of crossing borders. Bank wiring is required to be carried out within working hours, and other money transferring measures need time for backend finalization and have requests for personal data.
Bitcoin, however, reportedly operates in a pseudonymous manner, regardless of borders or hours of operation.
Inflation is reportedly also among the issues in a few nations, hence storing native currency can be a problem. Parah additionally mentioned the control in financial establishments’ hands should they take full charge of storing the money.
“Having your bank accounts blocked because you took part in or donated to a protest. If they own the money, they own you.”
Bitcoin allows us to build a future 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”.