Analysis of the effect of cryptocurrencies on Nigeria economy

Onodugo Ifeanyi Chris; Anigbo Rita Ebere; Onyeledo Ijeoma Peace; Mekuye Ebere Augusta

Analysis of the effect of cryptocurrencies on Nigeria economy

Authors
Onodugo Ifeanyi Chris, Anigbo Rita Ebere, Onyeledo Ijeoma Peace, Mekuye Ebere Augusta

Abstract
This study was undertaken to ascertain the effect of cryptocurrencies on the Nigeria Economy. It also examined the benefits of cryptocurrencies in Nigeria. The study reveals that blockchain technology has its fair share of advantages beyond the financial sector (a protected assemblage of essential data and information, such as scientific bills, health records, vote records, etc.). Quantitative data were sourced from the respondents through the administration of a structured questionnaire. Results revealed that cryptocurrencies such as Bitcoin and Ethereum in performing online transactions have been on the rise and almost accepted globally. The study concluded that a significant number of people are now fully convinced that the digital Currency-Bitcoin is legitimate, safe and has value.

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