We have seen Bitcoin gain traction in Nigeria in recent years. The exact reason for this burst in popularity remains unknown to this very date. There are a few Ponzi schemes accepting Bitcoin payments, which may be part of the reason. It is true a lot of Nigerians are losing money because of these get-rich-quick schemes. However, Bitcoin isn’t the main concern in this regard. Such schemes merely operate because governments and law enforcement officials let them.
Nigeria is a very interesting country when it comes to financing. More specifically, there are a lot of issues which need to be addressed. That is easier said than done. Bitcoin can certainly make a big impact in this regard, given enough time. Most of the initial successes associated with Bitcoin in Nigeria aren’t all that positive, though. The MMM Global Ponzi Scheme, for example, is giving cryptocurrency a very bad name. Thousands of people lose money because of this and other get-rich-quick schemes.
Bitcoin Remains Controversial in Nigeria
Criminals tend to accept Bitcoin payments for their illegal schemes. It is unclear why they do so, as this is not an anonymous payment method. Nor is Bitcoin free from government scrutiny either. Nigeria doesn’t have any official legal framework for Bitcoin and other cryptocurrencies. However, it is still easy to identify culprits who steal Bitcoin in different ways. It is evident something needs to change in the country before things get out of hand completely.
The big question people need to ask themselves are about the companies they invest in. Most scam programs aren’t registered or regulated. This is not something unique to Bitcoin-related Ponzi schemes these days. In fact, there are plenty of companies who have followed this approach well before Bitcoin came to be. Ynaija seems to point the finger of blame to Bitcoin. This cryptocurrency isn’t facilitating this type of crime by any means. With no privacy and anonymity traits, Bitcoin is by far the worst choice for schemes like these.
There are a lot of misconceptions regarding cryptocurrency in Nigeria. Rather than making false accusations, we need more educational efforts. That is easier said than done, though. A legal framework of some sorts will certainly help move things along in this regard. It is unclear if and when Nigeria will receive such regulations. Bitcoin is a driving factor for change in a positive manner. That is, assuming people effectively do their homework before investing. There is no “protection” whatsoever when it comes to cryptocurrency.
