Bitcoin is often touted as being the perfect solution to bring financial services to people living in unbanked and underbanked nations of the world. Traditional financial institutions often don’t see the benefit in investing in these areas, as the costs far outweigh the benefits. But is Bitcoin really the future of these nations? NairaEx, a newly launched Bitcoin exchange in Nigeria, certainly seems to think so.
NairaEx – Restoring The Faith in Bitcoin
The years 2014 and 2015 have been rough patches for Bitcoin and other virtual currencies in Nigeria. However, ever since NairaEx opened for business, things have smoothened out, and there seems to be a more stable and reliable ecosystem in the country, as far as Bitcoin is concerned, that is. This change was really needed, as Bitcoin, and other digital currencies can be quite beneficial to local residents.
To make their service stand out, NairaEx goes back to the grassroots of what makes Bitcoin so attractive in the first place. Incredibly fast transactions to transfer money or value between individuals, competitive rates when purchasing Bitcoin, and more importantly, the company’s friendly customer service.
It is important to note that NairaEx isn’t the only Bitcoin exchange available in the country, with other platforms facing stiff competition. And it’s worth noting that even though the company website may look a bit lackluster in terms of design, the platform loads fast on slower internet connections, which is what most consumers are stuck with in Nigeria.
Never judge a book by its cover, though, as all of this exchange’s magic happens under the hood. NairaEx offers a variety of features to its customers – such as instant transactions for all of the platform’s users – which set the company apart from the competition. No one likes to wait for fiat transfers to clear, especially not if the process can take up to a full week.
But that is not all, as NairaEx positions itself as being the cheapest Bitcoin exchange platform on the market. Basing orders on the current market price, combined with a wide array of different payment methods – including PayPal and PerfectMoney – make NairaEx one of the more versatile Bitcoin exchanges in the world.
That being said, such a broad platform will sooner or later attract attention from the wrong kind of people. Bitcoin exchanges have become a particularly high-value target for hackers and scammers over the years, making it mandatory for exchange operators to employ the highest level of security.
Even in a country like Nigeria, Bitcoin exchanges are required to comply with AML procedures and requirements. Customers will have to enter sensitive personal information before being able to use the platform, including details such as their date of birth, phone number, and verification documents to have all account limits lifted.
More Than Just a Tool For Remittances
Bitcoin is more than just a tool for bypassing the expensive remittance ecosystem we all know and hate. Granted, sending Bitcoin is a lot cheaper compared to transferring fiat currency around the world. But in places like Nigeria, Bitcoin can be used for so much more than just being a tool for remittance solutions.
Regions where banks are scarce, or even not present at all, present an excellent opportunity for Bitcoin to become part of a brand new financial ecosystem. Because a lot of people in those regions have limited to no access to financial instruments, they can skip the whole “banking” ordeal and go straight to using digital currencies. Plus, Bitcoin works wonders on mobile devices too, of which there are plenty to be found on the African continent.
Images courtesy of NairaEx, Shutterstock