Panic, As Kidnappers Now Demand Bitcoin For Ransom In Nigeria

Kidnappers in Nigeria have resorted to this new method of collecting ransom in Nigeria. The Special Assistant to the Adamawa State Governor on his Facebook wall an hour ago lamented on this new ugly trend. He said we’re in for the worst in terms of security as Bitcoin is being used now to pay ransom in Nigeria. He was reacting to the purported release of one Miss Aishat UMAR after her father paid the

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advantage of the anonymous nature of bitcoin to ease their trade. Bitcoin transactions are so anonymous and untraceable that it is impossible to physically track the receiver funds sent through this means.

This is not a good development for our security operatives. However we can help control the situation by creating more awareness among Nigerians on the positive sides of Blockchain and cryptocurrency.

The truth remains that if we fail to educate our people positively on blockchain and cryptocurrency, they would still at some point learn about it on their own. However they will only learn the negative sides of it. They will only see bitcoin as a safe method of receiving proceeds from crime, rather than a quick and convenient way of making payments globally. Lets hope that our government will support us in our bid to achieve positive cryptocurrency education in Nigeria.

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