Cryptocurrency is money. This best and simplest way to define it. Truly, digital coins are the new cash of our age, and the future to come, and it is only a matter of time before it completely overtakes physical cash as the preferred means of making transactions globally.
Historically, money has taken numerous forms in Nigeria from the days of cowry (Conch) shells, globules, valuable metal, and paper, and in our age, it has advanced considerably to the level of digital forms like Avesta coin, Bitcoin, Ethereum, amongst many others.
Cryptocurrency is computerized cash; this basically implies that it is nothing physical. However, yet it is more genuine than any type of cash prior utilized. It exists on an innovation called Blockchain which stores all the data and exchanges about all the digital coins that ever existed.
The data on Blockchain can never be obliterated or controlled. Additionally, a Blockchain can’t be controlled by one focal body or government, making it the type of cash every Nigerian should take seriously. With Bitcoin, you are just your own bank, as you can spend your cash whenever, anyplace, with zero limitations.
In the last few years, cryptocurrencies have gained greater prominence around the world, and even in Nigeria, individuals now send cash to their families and friends utilizing this one of a kind type of cash. Young entrepreneurs working on the web now want to get paid in digital coins because it is a preferred alternative over the rapidly devaluing Nigerian Naira.
The question now is, how can the average Nigerian benefit from these events? We have outlined a few easy steps to get you started.
Crypto-trading Strategies for Nigerian Investors
Purchasing and trading digital coins is presumably the speediest and most effortless approach to making huge profits. Much the same as the shares trading system, Cryptocurrency exchange is really all about purchasing coins at the right time and trading them when the price has appreciated.
However, like any other investment, you must realize that digital coin prices are volatile – This implies that the rate can rise or fall a few times day within regular limits of $10-100 for major cryptocurrencies.
Building a Portfolio
Digital coins, like gold is rare. This is expected, because cryptocurrency mining is a restricted and carefully controlled process. For Nigerians, cryptocurrencies can fill in as a high-profit investment.
To give a little perspective, 5 Bitcoins was worth $1,000 at the rate of $200 per bitcoin circa 2015. Then the equivalent was about NGN220,000 at an exchange rate of N220 to the Dollar on the Black market. Fast forward 3 years later, a single Bitcoin is now worth about $9327 US Dollars (About 3,380,398 Nigerian Naira) and the current exchange rate (January 2018) is N355 to the dollar. What a profit you would have turned, if you invested 3 years ago! The time to start investing is now.
Switching to Digital coins for foreign transactions
Nigerians living in diaspora and those transacting over the African continent, China and rest of the world could save money on transfer fees and charges by sending cash in coins. This would not only save time but cut down up to 10% of charges charged by a few Money Transfer Operators. Cryptocurrency trades are accessible throughout the world, enabling many clients convert any currency into or from crypto.
Three effective steps to trading Crypto in Nigeria
You can trade your Naira for coins, and vice-versa easily in Nigeria at www.nairaex.com
In summary, the exchange process includes 3 simple steps:
- Acquire a cryptocurrency wallet or account number – A wallet is an application that enables you buy, store and spend digital coins.
**A crypto account number is a unique feature of Avesta, a new digital coin for Africa. It is over 10X more efficient than other major cryptos. Find out more here > www.avesta.io
- Open an exchange account in Nigeria using any cryptocurrency of your choice at NairaEx site on www.nairaex.com, purchase your first portfolio of coins and transfer it to your wallet. Bitcoins are separable, you can purchase as little as $10 worth without any additional charges.
- Open a trading account (For day trading) with a trusted foreign crypto exchange platform and replenish it with coins. You can also directly trade your coins for fiat currencies like Dollars, Euros and Pounds.