Finding Success in the Struggle: Crypto’s Presence in Declining Economies

Around the world, national economies are declining in value. As their legal tender inflates in value causing the purchasing value of the currency to decrease, many are now relying on cryptocurrency as a stable method of payment. As cryptocurrency becomes more relevant in modern society, it gains more prevalence in underdeveloped countries. It has gained such traction that these countries now have higher percentages of cryptocurrency users than that of more developed countries. Many users use it for person-to-person exchanges to circumvent legal restrictions their countries may have placed on cryptocurrency. 

Nigeria now has the highest cryptocurrency percentage of any country in the world with 32%. With a legal currency of very low value, many in Nigeria rely on the United States dollar for purchasing power; however, there is a rarity to USD in the region which has led to more cryptocurrency use. With the 7th largest total population in the world, the 54th lowest GDP per...

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