The Crypto-princes of Nigeria

A quick search on Google trends about crypto currencies reveal an interesting trend. Nigeria is the country with most searches for “Cryptocurrency” in the last month or so.

What’s the reason? Easy way to transfer between scams or just a convenient way of transferring hard earned cash?

You know the scam: You receive a poorly written email with an elaborate story about a large sum of money being “trapped” in central banks or that you are the lucky heir of a long lost uncle that seemingly passed away and have just inherited a good chunk of money.

These scams are known as Nigerian 419 scams because they first originated from Nigeria and the number 419 come from the section of Nigeria’s criminal code which outlaws the practice.

Catching up with technology

It actually seems there is a new trend in Nigeria. According to forensic analysts, today’s cryptocurrency scams have actually surpassed the good old 419. The scams take the form of bogus pyramid schemes and HYIP (High Yield Investment Program) schemes, using bitcoins and other altcoins as payment.

Although harder to obtain for the general public, making it a slightly more difficult process for the scammers; receiving payments in this form protects the scammer in a higher degree because it is much harder to track.

Any other reasons for cryptocurrencies gaining ground?

The central bank of Nigeria has said that they need to weigh in the pros and cons of bringing digital currencies in to their economy, but is also weary of the fact that forces are already in motion and that it’s a bit of a race against time as central banks around the world are "seriously considering" the use of cryptocurrencies.

Investors in the country are more optimistic; boasting crypto currencies as being able to put an end to poverty, while boosting different sectors of the economy. As one of the most prominent crypto currency investors in the country, Prisca Agwu proclaims:

“Digital currency in Nigeria is the change we have been clamoring for. It will not only end poverty, it will also end the frustrations encountered in financial transactions in Nigeria. There’s no weekend, no public holiday and no transfer limits. This will also boost the communication industry too,”

It seems that we all still have a lot to learn

Crypto currencies are a massive opportunity, no doubt about it. However, it is clear that we all have a lot to learn about the space, how government can implement digital currencies in the most beneficial manner and also to educate the general public about the dangers of using digital currencies as well as the immense benefits of acquiring and using them .

The Crypto Princes of Nigeria are already ahead of the pack…