Bitcoin was designed as the ‘people’s currency’ – a digital equivalent of money that was supposed to be free of surveillance, control and state interference. Naturally, the idea behind the asset was sound and noble, but like any idea, it was instantly commercialized and turned into a means of making money for those who do not treasure nobility or care about the prospects that it holds. The reason was simple – the concept of Bitcoin bore great promise, but not as a financial instrument, but as an investment. The ability to leverage people’s interest in the idea is what drove the price of the asset upwards to almost $70,000 during the hot summer of 2020. But, like all things in this world, Bitcoin and its dominance were not meant to last.
The collapse of the global economy in the wake of the pandemic of the same year brought about a complete and unequivocal disappointment with the cryptocurrency industry as a whole the states that had been deemed as supporters of freedom in the world. The ensuing two years saw a plethora of events, which further shattered any confidence people had in cryptocurrencies and reduced the major players of the industry to ashes. Add to that the draconian rules and regulations being imposed on cryptocurrencies by states and their incessant struggle in the competition with state-issued cryptocurrencies, the central bank decentralized currencies, and we get the picture of a complete meltdown of what decentralization was supposed to stand for.
The sad fact is that few people now care about decentralization and the idealistic underpinnings of the industry that was developed on top of the concept. Nowadays, the cryptocurrency industry is more of a slew of currency exchanges and petty projects leveraging some minor breakthroughs in the industry’s development frontier. Just like trading NFTs declined into massive losses for their investors, trading Bitcoin in 2023 is a waste of time. Everyone is holding and waiting for legalization and registration.
Bitcoin Registration in Nigeria
When it comes to registration of currencies, the only question pertains to who the registering entity will be. There are no issues with registering cryptocurrency wallets in the country of Nigeria, as the majority of repositories storing Bitcoin are wallets held by private individuals. Though BTC is not recognized as legal tender in Nigeria by the local central bank, that is not stopping it from being one of the most popular means of payment in the country.
The security that Bitcoin provides for storing value makes it ideal for Nigerians to convert Naira. The lowering price of Bitcoin gives more people access to the instrument along with certainty that it will not be confiscated or lost to the tides of national depreciation. Instead, Bitcoin is being forecast to rise in price in the near future as the global economy is moving towards diversification and expansion outside the west-dominated sphere of influence.
Key Takeaways
What started as a beautiful idea is now little more than just a shadow, a memory of what decentralized was supposed to have been. Now, if Bitcoin is ever mentioned, the only synonym that comes to mind is profit. However, Nigerians are immune to such concepts, as they have suffered much with their national currency and know full well that digital assets are much more reliable as a means of value storage.
