Bitcoin is one of the most loved cryptocurrencies right now in different countries but they are embracing it on different terms. Some want to take their country to the digitalization that’s why they are having it but on the other hand, it gets introduced first by a scam scheme.
In Nigeria, people come to know about bitcoin when they discovered about a Ponzi Scheme going on in their country with the name of Mavrodi Mondial Moneybox. From the late of 2015 to the late of 2016 this scheme successfully trapped millions of Nigerians.
They were offering 30% of the profit in 30 days once they are willing to invest in bitcoin. After the serious operation against MMM when the government started to inquire about bank accounts linked to the company, MMM cut all the ropes from a bank and start to spread a message of invest directly into the bitcoin. Before the Christmas of 2016, this company robbed millions of Nigerians.
The income in Nigeria is far less than $3,000 of $50 million. This scam lets people know that how bitcoin can help them in future and how it works. After that scam, Nigerians started investing in Bitcoin and now they are trading $4.7million in a week in Bitcoin.
According to the reports, the growth in Nigeria is crazy regarding cryptocurrency and investors are getting more knowledge about cryptocurrency every day. Cryptographic Development Initiative of Nigeria is a company which helps people in getting complete awareness about digital currency and how they can save themselves from the scam and other losses.
According to the founder of the company Adeolu Fadele, many people have already gone through a hard time due to the ponzi scheme but now we are targeting a right direction.
To save their people from any kind of scam, Nigerians has already started to develop Informal old-school traders group who will verify the transaction of traders who are investing in bitcoin. This group is going to help people who are trading and investing in bitcoin as a full-time job.