My thoughts on the Future of Cryptocurrency in Nigeria|| 20% to teamg Nigeria
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Without doubt I believe that the Satoshi Nakamoto who introduced the first cryptocurrency, Bitcoin knew for sure that it would take more than a decade to be able to completely have cryptocurrency take over the market and from good analysis I can rightly say that more than half the world population don't still know Cryptocurrency exists, talk less of what it is.
Before I proceed, let me throw more light on the background of Cryptocurrency.
According to investopedia.com, cryptocurrency is defined as a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double spend you funds.
As much as they are numerous currencies in the world in the likes of The US dollar, pounds, Naira, etc, Over the years have emerged So many cryptocurrencies including; Bitcoin, Ethereum, Dogecoin, Cake coin, TRX... etc. It's obvious that the most popular is Bitcoin and this happens to be the first ever recognized cryptocurrency.
what is Bitcoin:
based on our definition that cryptocurrency, Bitcoin being a cryptocurrency is a decentralized peer to peer cryptocurrency system designed to allow online users to process transactions through digital unit of exchange called Bitcoin.
Bitcoin was created in 2009 by a man who went by the name, Satoshi Nakamoto. People often react, saying that they are already currencies available for transactions, i.e the fiat currencies of which can as well be exchanged through digital means. What then is the necessity for bringing in a crypto currency?
The advantage of Cryptocurrency
The major factor that makes Cryptocurrency peculiar is its decentralized nature.
This means that it is not controlled or regulated by any central authority. i.e the government for instance.
With cryptocurrency, there is user Autonomy
Cryptocurrency allows users more autonomy over their money than regular currencies do it's just a digital way of holding your assets your self. No matter how much you want to spend at a time. You have no restrictions. No questions. No one acts or wants to know who gave you or how you made your money.
Elimination of banking fees.
Basically when storing your fund's in the bank, you understand that, that's like asking someone to hold your property for you. So you will have to pay the person for the service. With cryptocurrency you are the one holding your funds yourself, so you don't get to pay yourself.
The future of cryptocurrency in Nigeria,
Having thrown light on the background of cryptocurrency let's look at Nigeria cryptocurrency; Nigeria as a country is a bit technologically backwards with increasing level of insurgency and high level of instability.
A country like Nigeria is amongst those who should really embrace economic sophistication.
For the record, Nigerians had embraced cryptocurrency and the idea it bring.
In 2013 a rough estimates had it that Nigeria was the African country with the largest crypto involvements and in number kept increasing exponentially.
How I got to know about Cryptocurrency
My first experience with Cryptocurrency was through an airdrop,
And my first coin then was Eutherium which I earned through airdrop, there a friend of mine explained in full details what Cryptocurrency was and as well showed me some ways I could make some money from it.
My experience with Cryptocurrency
Well my experience with Cryptocurrency has been two sided i.e possitive and negative
Possitive experience
- Well firstly I'll say I've benefited so much from steemit as it's been the most way I've benefited from Cryptocurrencies.
- Secondly through airdrops
- As a Cryptocurrency trader though not a too successful one, I can say I've made some profits trading on Cryptocurrencies.
Negative experience.
Personally my worst experience in Cryptocurrency I lost of funds during transactions.
Another bad experience I've recorded with Cryptocurrency is losing a trade.
Nigerians have have deviced numerous way of exploring cryptocurrency, Some use it legitimately, some use it fraudulently.
It is no doubt that cryptocurrency has made so many Nigerian youth become millionaires and billionaires though a lot have had to lose so much too
Early 2021 the government banned cryptocurrency related transaction in banks, meaning no Nigerian bank account is allowed to withdraw funds from a crypto wallet to a bank account.
The funny thing about this development was that. This in no way, reduced the involvement of Nigerians in cryptocurrencies, It's rather enlightened Nigeriams about the existence of cryptocurrency and I can confidently say that after the ban, the number of cryptocurrency owners in Nigeria, doubled.
From my perspective I see Cryptocurrency will really penetrate the Nigerian economic space.