The poor system of government has caused online business to become a major avenue for many Nigerians to earn income and make a living. However, recently the country has been faced with several challenges that have caused limitations in the flow of online businesses. Poor internet access and regulatory prohibitions on bitcoin transactions, particularly with sites like Binance, are two of these challenges.
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Poor Connectivity
For the past few days, one of the issues Nigerians have been facing is inconsistent engagement in online earning platforms due to poor quality of internet connectivity. Despite efforts to improve infrastructure, internet services in many parts of the country remain unreliable and sluggish. This situation stood as an obstacle for those dependent on stable internet connections for remote work, freelancing, blogging, or trading activities.
For web3 users, particularly those who constantly engage in #hive through content creation, trading, or other activities, a stable internet connection is non-negotiable. However, frequent disruptions and slow speeds hindered many hivers’ productivity thereby limiting growth in the ecosystem for some moments. On the side of $HIVE traders, unreliable internet connectivity puts them at a distinct disadvantage, potentially resulting in financial losses.
| According to the report, some undersea internet cables cut and disrupted internet service; unfortunately, the situation affected 12 more countries – majorly West African countries. The government should seek an alternative broadband infrastructure so that when such an issue reoccurs, citizens will not be blacked out. | |
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| However, during these happenings, there was a discovered avenue of connecting to a reliable stress-free network – this demanded the use of X VPN for the meantime before the undersea cables could be sorted out. |
Crypto Restrictions: The Binance Dilemma
Another alarming situation in the country was the restriction of cryptocurrency transactions, particularly Binance operations. Binance, one of the world's largest cryptocurrency exchanges, had acquired substantial popularity among Nigerian consumers by providing a platform for trading various digital assets and earning opportunities through staking and other monetary activities.
However, regulatory concerns and government restrictions have complicated matters for Nigerian crypto enthusiasts and traders by disrupting individuals' access to transacting their funds – which is a major limitation. Currently, the restriction of Binance operations has stifled innovation and economic growth.
Conclusion:
While online business has become a lifeline for many Nigerians due to government shortcomings, recent limitations like poor internet infrastructure and restrictions on crypto transactions are hindering this critical economic avenue. The government needs to address these issues by investing in reliable internet infrastructure and adopting clearer regulations for cryptocurrency to ensure the continued growth of this vital sector.
Here is my post for today's March Monthly Prompt.
This article is written in InLeo
Inleo is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH, and Polygon blockchains. Our flagship application: Inleo allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.
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