"Why should I put my money in a system I cannot trust? One minute, I'm rich. The next minute, I'm poor. Cryptocurrency is so unpredictable. If I lose my money now, who would I turn to? Nobody. You see that crypto? I'm not doing it."

These were the exact words of Chuka Bassey, an electronic gadget trader who was asked if he would rather use cryptocurrency as a means of payment than the traditional cash or bank transfer system.

Over the years, cryptocurrency is a term that has gained widespread traction in Nigeria. The term; "I'm into crypto" seems like one of the coolest things to say among the Nigerian youth populace. And even though the Central Bank of Nigeria (CBN) issued a circular to close accounts of persons or entities involved in cryptocurrency transactions within financial and non-financial systems in 2021, cryptocurrency has not stopped gaining traction.

According to a survey conducted by Statista in 2020, 32% of Nigerians have admitted to using and owning cryptocurrencies. The reason for this is not far-fetched- "In Nigeria, interest in bitcoin and stablecoin increased when the naira's value plunged, particularly during the most extreme drops in June and July of 2023."- Chainalysis, 2023.

This statement would also support the findings from Coinbase 2022 research report, "International Survey of Web 3 Adoption." Coinbase report highlighted that people in emerging markets often turn to borderless cryptocurrencies for remittances and as a store of value, especially through periods of high inflation when access to fiat currencies like the US dollar is limited.

From this, we can deduce that Nigerians perfer keeping their assets as stable crypto tokens due to the volatility of the naira and the high inflationary periods. This shows that crypto, once perceived negatively, is now serving as a financial lifeline for the average Nigerian.

But is that all there is to it? Are Nigerians fully embracing the idea and concept of cryptocurrency? Or are there still some perceived notions around it, like that of Chuka Bassey, the electronic gadget trader who swore never to use cryptocurrency?

During a WhatsApp conversation with RG Fries, a food vendor based in Akure, she expressed a preference for customers to send USDT as payment for her services rather than using traditional cash. This conversation sparked my curiosity, making me wonder if other traders shared her perspective. So, last week, I ventured into the stores of traders in Lagos, engaging them in casual conversations to know if they would opt for cryptocurrency as a means of payment over conventional fiat currency. And many of them had a lot of things to say about that.

A trader identified as Emeka said: "Make I collect crypto, make people go tell police say I dey do yahoo? Abeg Abeg"

Iya Seyi, a provision store owner, shared her perspective in Yoruba, a native Nigerian language, saying, "Se kii se nkan ti awon boys ma fin gba ara ilu oyinbo niyen?" which translates to, "Is that not the tool most of these boys use to defraud foreigners?"

Another trader, Dennis, showed some interest in cryptocurrency, saying he wouldn't mind learning more about it and possibly integrating it into his business's payment system. However, he pointed out that many cryptocurrency apps he had seen appeared to be very complex.

While there were some positive responses, negative opinions seemed more prevalent. Some traders believed cryptocurrency was another form of a Ponzi scheme, some assumed fraudsters primarily used it, and others found crypto apps challenging. Many admitted to having heard of cryptocurrency but have limited knowledge about it.

Chuka Bassey's response, however, stood out among the various opinions. He appeared to have little knowledge about the volatility of cryptocurrencies and tokens. But from his conversation, it became clear that he needed more understanding of stablecoins like USD, which tend to maintain a stable value with minimal price fluctuations.

The responses of these traders highlight the presence of numerous misconceptions about cryptocurrency, even in a country like Nigeria, often considered a cryptocurrency hub. While many are involved in cryptocurrency, a significant portion remains uninformed. There are still people who, upon hearing that someone is involved in crypto, might react with suspicion, assuming the person’s involvement is linked to fraudulent activities. Also, many still find it challenging to operate cryptocurrency apps, even though these same people can efficiently use their bank apps like Opay, Palmpay, and Moniepoint.

Undoubtedly, Nigerians are increasingly embracing the concept of cryptocurrency. However, the question arises: is it just for a select few? Does cryptocurrency remain within the reach of only the highly informed? What about the likes of Mr. Dennis, who expressed interest but needs help with the complexity of most cryptocurrency apps? And what about Iya Seyi, who holds a negative perception that cryptocurrency users are all fraudsters? Also, how do we address the ignorance that leads some to believe it's just another Ponzi scheme?

With the responses gotten from this experiment, it is evident that we ought to proactively work towards bridging the gaps in the way people perceive cryptocurrency through education and enlightenment initiatives. And we also have to focus on developing cryptocurrency apps with enhanced user-friendliness and flexibility. Apps with seamless interface- one that people can find easy to use.

So yes, blockchain and cryptocurrencies are gaining wide traction. But the essential question is: among whom?