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#Nigeria A Vibrant #Bitcoin #Ecosystem & #SmartContracts Vs #Corruption

TheMerkle_Nigeria Ecosystem

Themerkle suggest that, ' Bitcoin is becoming the next big thing in Nigeria by the look of things, as there is a growing demand for this cryptocurrency in the past few weeks. Part of this success comes due to #economicpolicies by the #Nigerian #government , which is rather surprising....

...Over the past twelve months, there has been a lot of talk regarding using #Bitcoin in #Nigeria. Foreign exchange options are very limited or banned by the government, and Bitcoin offers a more than welcome alternative to access #financialtools without too many headaches. Additionally, the #cryptocurrency lends itself perfectly for #remittance services, an industry which has always been popular in #Nigeria and other #African countries.

#WesternUnion is the clear market leader as far as #remittance is concerned, but their outrageous fees and lengthy delivery times are causing much dismay among Nigerians. Bitcoin is a lot faster, as both sending and receiving funds takes a few seconds, while reducing the transaction costs by a significant margin....'

Goodluck Jonathan, Former President of Nigeria

...The #technology behind bitcoin, #blockchain and #smartcontracts can help avoid human error and prevent #fraud in countries like Nigeria.

Among many vices, corruption in Nigeria stands as one of its biggest problems. Several administrations have been and gone with claims of fighting corruption. Despite the application of orthodox methods, not much has been achieved. According to cointelegraph.... 

...In 2015 the former #President of Nigeria, Goodluck Jonathan said that corruption could only be fought effectively with instruments of the law and strong institutions:

"You don't fight corruption with nerve. You fight it with the instruments of law. You fight it by strengthening institutions. Advanced countries don't use their nerve to fight corruption, it is not presidents or prime ministers who fight corruption in those countries. It is the system. That is why even the prime minister or president can be removed and tried for corruption. In Nigeria, some people want strong men as presidents who will fight corruption as they wish, as they want and as they please. You cannot sustain that. You cannot even guarantee that there will be no abuse.”...

Read Full Article@themerkle>>Nigeria Offers A Vibrant Bitcoin Ecosystem

Read Full Article@cointelegraph>>Smart Contracts Are Solution To Nigeria’s “Fantastic Corruption”

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