NairaEx has launched Bitcoin.ng, a Bitcoin information platform for unbanked Nigerian population

[bitcoincash]

Bitcoin is a virtual currency that was created in 2009 by a technology expert known as Satoshi Nakamoto. It is decentralised currency and transactions are made without the need for a central bank/middleman. Bitcoin.ng is a new website that offers a complete guide to bitcoin and blockchain technologies, news and reviews. The website also provides information on upcoming cryptocurrency events across the world. The popularity of bitcoin means that more and more businesses are accepting them and Bitcoin.ng features a business dictionary of cryptocurrency businesses including retailers that accept digital cash.

Questioned about the motivation for launching the Platform, NairaEx’s CEO, David Ajala, explained: “We want to empower Nigerians to unlock the potential of blockchain by connecting the unbanked to market opportunities presented with the growing popularity of cryptocurrencies through cryptocurrency news, market updates and expert guides.”

The 2018 EFINA Access to Financial Survey revealed that 36.8 per cent of the Nigerian adult population are unbanked. The survey also found that the main barriers to financial exclusion are lack of services awareness and knowledge, institutional exclusion and affordability. The huge banking charges and the difficulties in opening accounts is a huge contributing factor to the trend.

Bitcoin offers a unique opportunity for the unbanked to tap into the power of smart currency. There are no currency exchange fees, money transfer fees and no need to provide a name. To receive a bitcoin, users must have a bitcoin address which is a string of numbers and letters acting like a virtual post box. Users can send and receive bitcoins to each other easily using computers or mobile apps. Bitcoins can be easily purchase or sold at online marketplaces like NairaEx or Bitcoin ATMs.