Third World is Adopting Bitcoin
Third world countries are growing in their use of Cryptocurrency like bitcoin. In Nigeria especially since the economy fell into recession earlier this year following much lower global oil prices. The economy’s contraction by 2.06% between April and June 2016 has increased concerns regarding Nigeria’s banking system, with the nation’s currency greatly devalued, sending bitcoin at an all-time high of $1,228.09 in Nigerian money, according to the lowest offer on local bitcoins. There are generally no restriction of holding cryptocurrencies unlike fiat currency which are normally controlled by central banks.
Philippine overseas workers who send money to their homes in the Philippines are also using bitcoin as a method of transferring money back home to save on traditional high transfer fees using the services of sites such as Rebit where bitcoin can be converted into Peso and deposited into local banks or pawnshops where they recipiants can pick up cash for a small fee.
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David Ogden
Owner @ My CryptoWorld
David Http://markethive.com/david-ogden
