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What is the main problem when it comes to money in Nigeria?
Nigeria's economic situation has been challenging, and Nigerians have been struggling with three major problems: storing their money safely, spending it conveniently, and earning in a stable currency. But with Bitwage, a Bitcoin-based platform that allows you to get paid in Bitcoin regardless of who you work for, Nigerians now have a solution to all three problems presented below. With officially reported inflation of 21.91% in February 2023. a solution is needed asap.
Case study - how does Bitwage works?
Ifunanyachi Achara is a professional athlete playing abroad. He had a problem with how to get paid in the best way to get most of his money and how to have part of that sent to his family back in Nigeria. If he was playing in Africa, the flow would be the same. So, he signed up and got access to a bank account that we provided to him which he gave to his club. He told them: this is the bank acc that I want to get paid. And he configured on our end that some part of those funds goes to his family in Nigeria as Bitcoin. So, the moment club does a local bank transfer to that bank account, he receives money as Bitcoin, and part goes to his family as well. A seamless solution for Ifunanyachi, thanks to Bitwage. So let's dive into 3 main problems Nigerians are facing when it comes to Money and how Bitwage and Bitcoin can add value. Let's start with problem #1 which is safely storing money.
Problem #1: Storing Money Safely
Nigerians need a way to store their money safely, preferably where it won't depreciate. The naira's value has been decreasing, and traditional banks are not reliable and far from a solution. With Bitwage, you can get paid in Bitcoin for your remote job and store your money in BTC, a decentralized currency that is not subject to inflation. And yes, if you have a long-time preference, Bitcoin is the best solution as it is the hardest money ever created. There will only ever be 21 million Bitcoins. And more cannot be created. Bitcoin does not have a company or CEO and cannot be bribed.
Problem #2: Spending Money Conveniently
Nigerians need a way to spend their money easily, especially since Nigerian banks have been unreliable with payments and you cannot access your own money when you want to. Bitcoin makes it easy. Bitcoin that you got paid for your work is truly yours and controlled only by you. We do not have a wallet nor do we do custody, meaning we send you what is yours so you have full control over it at all times. Weekend or not, you can send your payments in Bitcoin. And no one in the world can stop Bitcoin or your payment.
Problem #3: Earning in a Stable Currency
Nigeria's Inflation Rate Surged to 21.91% in February of 2023. Those Nigerians who work remote jobs for companies outside of Nigeria need a way to earn in a stable currency that is not subject to the naira's inflation. With Bitwage, you can receive your wages in Bitcoin which is not subject to inflation. Plus, Bitwage offers low fees and fast transactions, so you can receive your money quickly and easily. Having access to multiple bank accounts through us, to which you can receive payments is also awesome. And how does it work? All you have to do is register and copy the bank accounts that we provide to you. You give those to whoever is paying you, and while they do a local bank transfer to that bank account, you receive Bitcoin on your end. You do not wait days for your money, but you have access to your Bitcoin the very same day if you use our premium service. And the company that did the payment does not have to be onboarded and does not even know what happened and that you are getting Bitcoin on your end. Does not get more seamless than this. So easy to use for all parties.
For those wanting to have funds in something similar to USD, there are stablecoins that are pegged 1:1 to USD, and that way, it is as if you are keeping US dollars. The same stablecoins you can sell and liquidate at any time when you need local currency and by doing so, extract maximum value for your hard work. We do offer stablecoins as an allocation option on our end as well. You can even mix and match Bitcoin and stablecoins. It is up to each individual and their preference on how they want to get paid.
Conclusion: With Bitwage, Nigerians now have a way to store, spend, and earn money in a secure, convenient, and stable currency which is Bitcoin.
Of course, Bitcoin goes up and down if you do not have a long-time preference, but if that was not the case there would be no upside either.
So forget PayPal and all other alternatives and say hello to the future of getting paid in Nigeria which is Bitcoin and Bitwage.
We are helping many Nigerians with receiving payments from abroad, and we can help you too.
Sign up today and start using Bitwage to get paid from abroad in the currency of your preference. A faster, cheaper, and better way of getting paid.