How financial privilege blinds dollar users to Bitcoin’s importance
While Western headlines focus on Coinbase going public, Tesla buying billions of dollars’ worth of Bitcoin and tech bros getting fabulously rich, there is a quiet revolution happening worldwide. Until now, governments and corporations have controlled the rules of money. That is changing. As a result, Aderinokun said the country struggles with unemployment, especially among the youth; 62% of the population is under 25 years old. Out of this crisis, however, are upsides. She credits Nigerians with being incredibly entrepreneurial. People do what they need to do to get by and having a side hustle, she said, is natural.
Beyond the exchange itself, Buycoins also released an app called Sendcash to help Nigerians abroad send money home. Perhaps a family member moved to the United States and wanted to send dollars back. The recipient in Lagos would normally need a domiciliary account in dollars, but Aderinokun said those are difficult to open. Even then, the bank wire or using a service like Western Union can be costly and slow, and exchanging from dollars to naira can be difficult.
They do not understand, she said, how important Bitcoin is for those who cannot get dollars. For billions, they are trapped in a flawed currency that does not fulfill the purpose of what currency is supposed to do. For many in Nigeria and beyond, Bitcoin is providing another option and solving real problems.
And building on- and off-ramps matters because the Nigerian government has Buycoins and other exchanges in its crosshairs. In February 2021, the regime pronounced that bitcoin was not legal tender and said banks should not hold or treat it as such. They later clarified that individuals could still trade but have pressured regulated financial institutions to stay away. Buycoins has been struggling to hold naira because banks do not want to work with it.
It was a great learning experience, she said, as many young people learned about Bitcoin in this moment as a tool for activism. The experience renewed and strengthened her belief in products she is building at Buycoins. People saw that Bitcoin was cool and that the government could not stop it. Because of this, Aderinokun thinks that one day Bitcoin will be talked about in the same way, with the same importance, as radio, TV and the internet.
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gladstein Not really… majority of Bitcoin is held by just a few hands so it’s no different
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gladstein Yeah it is for sure!
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