Steem Crypto Monthly Challenge #4: The Future of Cryptocurrency in Nigeria

Hello Everyone!! It's really great to see you're having a great time with your gadget scrolling through different blog posts on your feed and I'm so happy you stumbled upon this post and I am definitely sure you won't regret your actions 😊.

I also stumbled upon on a great crypto writing challenge organized by @steemitblog in courtesy of @steemcurator01 and @steemcurator02 which has to do with the future of cryptocurrency. I've actually been looking for an opportunity to write about this and as you can see, I was able to set up some free time to make this publication possible just to make everyone reading this learn some important lessons from this write up. I suggest you grab your delicious coffee and read along this post 😊.

Brief Review About Cryptocurrency

Since my write up is gonna be mainly focused on cryptos, I'll love to explain some key terms so that we won't get stuck in the mud as you are reading along, this is really gonna be more helpful to novice(s).

Cryptocurrency is a form of digital currency which can be generated using different algorithm through a technological system known as blockchain technology. This implies that blockchain technology and cryptography plays a major role in cryptocurrency.

Some people also view Cryptocurrency as an asset which people can invest in due to it's erratic nature just like we have in gold, silver, land and other valuable asset you can think of.

Majority of us view Cryptocurrency to be a form of digital currency which can be used for transactions and it can also be transferred from one location to another irrespective of sender and receiver location. It is a form of currency which unites the world making people transact remotely at our comfort zones without any form of stress.

There's actually more to cryptocurrency other than this but I'm going to stop here because I just want you to get the clear picture of what crypto can be used for.

I think it's now time we delve into the main topic since you now have little understanding or knowledge about cryptos.😊

Cryptocurrency In Nigeria

As a Nigerian, it's great to see the utilization of cryptos spreading amongst the citizens of Nigeria. We now have citizens in the range of 40-60% and above having some knowledge about cryptos. One of the reasons for this was due to the drastic rise of Bitcoin and some other alt coins in the year 2017 - 2018. The covid-19 pandemic also prompted most citizens to delve fully into Cryptocurrencies since they can't go to their place of work anymore and they definitely need to feed themselves since the government isn't ready to provide any form of palliatives for it's citizens. This also applies to citizens who were also unable to secure jobs from government and private organizations, they had to start learning crypto trading and investment just to make sure they are earning to feed themselves and family.

It's also some quite unfortunate that while some people are making cool cash with cryptocurrencies in Nigeria, we still have some people who don't seem to believe in an "online system". I do call them "village people" because they lack proper understanding of how fast technology is growing, they really lack personal research and that's where these set of people are static when it comes to making more money!

I could remember introducing Cryptocurrency to a friend of mine then who was drastically in need of medium to make money. You won't believe after our conversation he told me said "how is it possible to spend what you can't see? I don't believe in crypto system because it looks fraudulent and impossible to me". After hearing this, I told him "no problem it's actually your choice to decide if you want to be part of the crypto system or not.. I really can't force you against your will and I don't force people". The fact is that we have some people in Nigeria who still don't believe in cryptocurrencies but it's good to know that the number of ignorant ones are now reducing almost everyday since lot of people are now delving into the system.

Recently this year, the same friend of mine who doesn't seems to believe in cryptocurrency visited me all of a sudden with the intention of learning how it works and being part of the crypto space after he saw how our mutual friend converted his cryptos into Naira (Nigerian Currency). He was really regretting not starting earlier when I told him about it. I'm glad to tell you that this friend of mine is now doing well with cryptos.

I think one of the reasons most people experience this is the lack of knowledge they have about cryptos and also the level of awareness. This is why we also need to discuss about the "awareness and usage" of cryptocurrencies in Nigeria.

Awareness and Usage of Cryptocurrencies in Nigeria

The awareness of cryptocurrencies in Nigeria is drastically increasing every year with the help of some African blockchain crypto project. There have always been means of disseminating crypto knowledge to the masses whenever there's a new African crypto project. Most of the newly African crypto related projects team are usually found of targeting Nigeria to be their major customers due to our population and don't forget we are the giant of Africa!

The crypto awareness has also led to more dissemination of knowledge about cryptocurrency in Nigeria which automatically leads to more usage of cryptocurrencies. There was a recent launch of a new Bitcoin ATM Machine situated at Lagos, Nigeria which took place this year and this has also made some Nigerian citizens believe more in the future of cryptocurrencies.

We also have some Nigerians investors and developers now creating different crypto related project too but it's actually a good news that Nigeria is highly one of the top African countries most crypto developers target mostly for usage and I hope we have other crypto projects doing the same.

Government Attitude and Laws About Cryptocurrency in Nigeria

I won't be skeptical about this but the truth is that the government aren't really helping the situation. There was actually a trending news about cryptocurrencies where the Central Bank of Nigeria (CBN) was advising the banks to be careful about crypto currency transaction in banks due to high risk involved. There was also another news about Cryptocurrency being legal in Nigeria. The government is yet to have a concluding stance on either accepting cryptocurrency or rejecting but they are of the view that it's really very risky.

My Outlook For The Future of Cryptocurrencies

I strongly have a positive outlook for the future of cryptocurrencies and there's actually no doubt that cryptocurrency is here to stay. I'll borrow Akon's words here when being asked about the future of cryptocurrencies and he said there was a time when people make use of "Victrola" to listen to music in the early 80s from there they started making use of table "radio player" in the early 90s and from there they shifted to "Video CDs" and from VCDs to "CDs" and from CDs to "DVD" and from DVDs to "MPs" (MP3) which simply implies that we are going digital". We can now listen to music comfortably anywhere and anytime comfortably with our mobile devices and ear piece.

Also, another important thing to note here is that we can observe the size reduction of Disks from the big Victrola to a very tiny micro chip such as our memory card. We now have music in cloud storage or the internet where you can just stream music online and listen with the use of your mobile devices. There's also a great possibility that this may also happen to currencies and that's why digital currencies are here to make it happen.

How Cryptocurrencies Can Benefit Society in the Future

Cryptocurrency is already benefitting the society now and there are greater chances of adding more benefits to the society in the future. These are some of the ways Cryptocurrency us benefitting the society ;

#1 EASY TRANSACTION IRRESPECTIVE OF YOUR LOCATION

If there's definitely one important way which cryptocurrency is benefitting the society, it will definitely be the ability to use cryptocurrency for transaction purposes irrespective of your location. Cryptocurrency has made it very easy to send money from one person to another irrespective of the sender and receiver location.

I've been in the blockchain space for more than 3 years from now and I can really tell you I'm actually enjoying the system. I have done lot of writing jobs for people whom I can't meet physically and I get paid by them in cryptos. I have also sent cryptos to different people across the world when paying them for their services or sometimes for charity. It's really fun making transactions via cryptocurrencies 😊.

#2 MAKE A LIVING
Are you surprised about this point? Well.. You don't have to be surprised, it's actually the fact! 😊 I know of people who are making a living via trading cryptocurrency at their comfort zone without depending on government jobs or jobs from private sectors. These set of people make cool cash trading cryptos 24 hours and they tend to live fine.

You can actually get a job in the crypto space when you have knowledge of blockchain technology and cryptocurrency. You can start writing articles for some crypto projects and get paid instantly. I've actually done this before and I'm still doing this. You can also be a blockchain developer and start working for different crypto blockchain companies.

You can also make free cash just by blogging on some blockchain social media platforms such as Steemit, hive, Uptrennd, trybe and many others. You get paid in the platform tokens (cryptos) and you can easily convert your cash directly into your local fiat currency easily 😊.

#3 BUSINESS INTEGRATION AND DEVELOPMENT
It's a great news that some businesses or companies around the world are now adopting cryptocurrency as a means of payment. I could remember going to Google playstore to download an application and I got to know that some application and game developers now include Bitcoin as a means of payment. There are also some other shopping companies that allows you to make use of Bitcoin as a means of payment after adding your goods into the online shopping cart.

source:PayPal

Recently, PayPal adopted the payment system using Bitcoin and there's possibility of adopting other cryptocurrencies in the nearest future.

#4 MAKING CHARITY DONATION EASY
The presence of cryptos has also made it easy to make donations voluntarily in different charity programs across the world. People are able to send their cryptos to the required charity account easily without any stress and the acquired crypto is directly converted into the required local currency needed by the one in need.

#5 BEST ASSET FOR INVESTMENT
There are different asset(s) people invest in such as land, gold, silver and many others but the fact is that cryptocurrency is also one of the best asset to invest in. There are many many crypto investors worldwide making huge profit from their investments and I'm definitely sure this will be a huge benefit to most crypto investors since the adoption rate seems to be increasing every year.

How Cryptocurrencies Can Reach Mass Adoption

There are different ways to go about making cryptocurrency reach mass adoption but the two most important factors are to educate the masses about cryptocurrency and advertisement or awareness about cryptocurrency. The fact is that people won't want to be part of what they don't have knowledge about and most people won't patronize the system if you don't tell don't know it exist.

Once people are able to understand what cryptocurrency is all about, I won't be surprised when some companies start adopting cryptos as a means of payment in different business organizations and mostly shopping platforms.

Do you think the global economy will change if cryptocurrency usage becomes commonplace in all countries ?

Yes! The global economy will definitely be affected and there's no doubt about this. The effect will definitely be a positive effect in the crypto market and this can also boost the country's economy.

Which cryptocurrencies do you think will emerge as the most widely used in the future?

Well, for a cryptocurrency to be widely used in future it must actually meet some specific requirements and some of these requirements are the team involved in the crypto project if they are still active in their duties, the market cap and circulation supply of the crypto, the algorithm or technology behind the crypto and many other factors like that. From my analysis, I think Bitcoin and etherium will do well in future. Some other cryptos like Tron (TRX) can also be a hit in the future due to it's staking activities and the cheap gas fee it has. Also, steem can also do well in the future if the token is widely adopted around the world and this is why we shouldn't stop promoting Steem.

I'm sorry I'll have to end this post here and I'll conclude by telling you that "there's more hope for Cryptocurrency and Cryptocurrency is here to stay. You can be filthy rich via Cryptocurrency and never stop learning about Cryptocurrencies".

Much thanks to @steemitblog in courtesy of @steemcurator01 and @steemcurator02 for this great opportunity to share my knowledge and experience about cryptocurrencies in my country.

Thanks for your time and I hope you have a great day ahead with love from @hardaeborla 💕❤️💓