Nigerians, Startups fast adopting Bitcoin have to be looking at the opportunities that are presented by a virtual currency. The current economic crisis is creating conditions whereby many governments will be looking to adopt some form of digital currency for their citizens. It may seem impossible to imagine that a country would adopt a currency which is not based on a government backed asset like a bond or currency, however, this is where the world wide web comes into play.
Governments are always looking for different forms of currencies in order to support the economy in one way or another. Nigeria has already adopted a currency which has been recognized as one of the most stable and reliable in Africa, the Brickala. This is a local currency that trades on the black market and is supported by the government.
Startups can now also consider a currency which is based on its own technology. Although many people will not consider this, it would actually create a lot of opportunity for those who do. Most businesses these days have the ability to take advantage of the internet through the use of a computer, a mobile phone and the internet. When a company decides to go ahead with a business transaction online, they often pay using an electronic payment card.
For those who are not familiar with what this means, a company can set up a merchant account that will allow them to accept payments from all sorts of different countries with very low cost rates. When a customer makes a purchase, the company will send the funds directly to their account which is held in the company’s system.
In order to do this, a company can either offer a debit card or the internet, as an alternative. By using a debit card, the company does not need to worry about the security aspect of the internet, which can be an issue for businesses who have their own web based systems. The downside to debit cards is that they are not accepted in all countries, and there can be a limit on the number of transactions that can be done each day.
As more new businesses find the need to accept payment online, they will look for other ways to get around these issues. Many people use prepaid cards, or they use credit cards from the same card provider that they have, which allows them to make unlimited transactions. This is a very convenient solution for businesses and consumers, as it allows them to use the same card wherever they are.
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