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Young Africa Looks to Crypto for Payment | | Cryptocurrency news. Breaking news on cryptocurrency.
Lagos has an interest in crypto, but adoption is slow, with many only considering Bitcoin as an alternative means of receiving foreign payments. Data from Google Trends shows that Lagos, Nigeria ranks as the number one city based on the volume of online searches for Bitcoin (BTC). While this data may indicate a high level of interest among the city's approximately 21 million people, it has yet to equate to tangible adoption of the emerging trend of technology.But that is changing, as a growing movement among young people frustrated with existing payment systems looks for alternatives.Bitcoin as a dollar substituteFor the most part, "Lagosians" who are aware of the existence of Bitcoin see the top-ranked cryptocurrency as a substitute for the United States dollar. BTC exists for them on a spectrum that lends itself as a viable substitute for foreign currency.Payment companies like PayPal do not allow Nigerians to receive money transfers from abroad, thanks to the notoriety of internet