Cryptocurrency (Blockchain) Technology as a Means of Leveraging the Nigeria Economy

Abstract

Cryptocurrency is generally known to be a digital record of ownership of nominal balance which can be used to pay for transactions. Thus, for any transaction, the buyer gives instructions to transfer ownership of a certain amount of his balances tothe seller. The use of cryptocurrencies such as Bitcoin and Ethereum in performing online transactions has been on the rise andalmost accepted generally in the world. Africa as a continent is not left out in the adoption of blockchain and cryptocurrencies.Today, in 2019, the question of whether or not digital money can actually become a useful and secure part of the Nigerianeconomy is being seriously debated. This paper explores how cryptocurrency technology can be a means of leveraging theNigeria economy and its extremely large population.