Nigerian blockchain and crypto enthusiasts , according to a recent report, local residents are paying a premium of almost 100% on top of Bitcoin’s general price. They argue that such reports should be ignored because they are based on claims disseminated by people who do not have a complete grasp of domestic dynamics.
Estimated 100% BTC Premium Generates Global Interest
Some Nigerian Crypto and Blockchain Users and Enthusiasts WorthBTC The value of US dollars on local cryptocurrency exchanges is almost double the value of US dollars in general, which is completely false. According to users, the reports are based on tweets posted by social media users who do not fully understand how Nigerian residents are using local crypto exchange platforms.
See how much Nigerians are currently paying for #Bitcoin @paxful pic.twitter.com/WxAam58mWR
— 🧡NEEDcreations Stacking SAT & Jamming EDM (@NEEDcreations) Jan 30, 2023
Nigeria The backlash by fans and influencers of Bitcoin continues to garner interest among bitcoiners, with claims that a single tweet was reportedly the spark that sparked it. In the first tweet thread, a user posted a screenshot suggesting that a Nigerian bought 1 BTC on peer-to-peer platform Paxful for $47,924. shared.
Users also claimed that many residents were exchanging Naira for BTCdue to recent cash withdrawal restrictions imposed by Nigeria’s central bank. Users claimed that this helped boost the USD value of crypto assets.
However, in response to the tweet and subsequent media coverage, Benjamin Eseoghene, CEO of local cryptocurrency exchange Roqqu, told Bitcoin.com News that despite the price discrepancy, Bit His coin is trading at over $47,000 in Nigeria.
“This is completely false. It can happen, but it’s far from 100% likely,” Esogene argued.
Roqqu’s CEO also suggested that some of his users on social media disseminating this claim were doing so only to pitch a particular story.
Misrepresentation
Meanwhile, some Nigerian users on Twitter claimed that the widely circulated screenshot was misleading and that they would buy cryptocurrency for $47,000 or more. He claimed there were no people. Others, like author and cryptocurrency advocate Nathaniel Luz, have lamented how easily a single tweet can be used to spread a “half-truth and one-sided story.” .
The Nigerian said he paid 48,000 for one #Bitcoin. Yes, you are a smart person.
— John W. Creeasy (💫☝️) (@21milinfinity) January 30, 2023
“This is not Paxful pricing. I was the product manager responsible for payment methods at Paxful. PMs here are ‘game items’, not fiat currency.” Game Item means you want to exchange your FIFA 23 voucher for BTC. Do you understand? It’s a misrepresentation,” Luz said. According to
Luz, there is no cryptocurrency exchange where a Nigerian pays his 20% premium to the price of BTC.
SUBSCRIBE HERE TO GET WEEKLY UPDATES ABOUT AFRICA NEWS IN YOUR INBOX:
Image Credits: Shutterstock, Pixabay, Wiki Commons