When Bitcoin was created, the motivation behind it was to break the bias and trend of the fiat banking system, in a bid to create a new form of money- digital money, that was away from the influence of the government.
However, for an item to be consider money, it is to have three core functions; which are: medium of exchange, measurement of value and lastly store of value.
Although cryptocurrencies like Bitcoin fulfill two of the criteria mentioned, which are; measure of value and store of value, however, cryptocurrencies are not really as a medium of exchange in Nigeria. This means it cannot really be as money because there is still a need for more acceptance by buyers and sellers alike to accept them as a means of payment. However, with Manilla Finance, all this is about to change.
The use of crypto as a means of payment is not a new development in advanced economies, as over 250 companies and retail outlets accept cryptocurrencies as a means of payment. Examples of these companies include Tesla, Gucci, Farfetch, Microsoft, Starbucks, Whole Foods, AT&T, Travala and so on.
However, in Nigeria, this is a new phenomenon and an indicator that businesses and the economy; as a whole is now warming up to using cryptocurrencies as a medium of exchange.