In Nigeria a growing number of entrepreneurs are opting to manage their business using cryptocurrency instead of the local currency, the Naira, because it has experienced a continuous depreciation sharper than those of Bitcoin during the last five years.
Cryptocurrency has become an alternative for Nigerian entrepreneurs unlike their local currency as some Silas Okwoche, co-founder of Nerve Mobile, have lost their business by not adopting new ways to acquire the equipment they sell. In his case, he bought Android smartphones from China by Alibaba but when the Naira was devalued by 15% with respect to the Chinese Yuan it became too expensive to buy and resell.
Unlike the previous case, another entrepreneur named Temo, also acquired equipment purchased in China, but this entrepreneur technology expert uses Bitcoin as an alternative to manage their business. When you need new equipment from China change Naira for Bitcoin and it is Per Yuan. He says that the exchange rates are lower than traditional methods and that transactions are completed faster.
Another case of entrepreneurship is Soji, who works as a web designer in Lagos, the capital of Nigeria. Thanks to the criptodivisas is able to buy goods online and pay for services such as web hosting, on pages where Nigerian currencies are not accepted. He said "I can use Bitcoin for anything now ... it means that I can invest and also pay anyone today ...".
While the cryptocurrency seeks to be relevant around the world and even the Central Bank of Nigeria has said that Bitcoin is a bet and warned against investing in them, this does not seem to discourage the entrepreneurs of this country who have begun to discover creative ways of facilitate life by looking for alternatives as in this case, Bitcoin to be able to undertake.