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Cryptocurrency is not an official currency of any country, it is foreign to everyone. Therefore, trading cryptocurrency with whatever currency at hand could be called an exchange or investment. An investment cryptocurrency for someone in Nigeria is as good as making an exchange in a different country.
Cryptocurrencies function through communities online and in distinct contexts. They have a reputation for being untraceable, impossible to regulate and prone to fraud. These elements hinder the legalisation of cryptocurrency in many countries, Nigeria included.
However, it is hopeful in Nigeria lately prompted by factors like the devaluation in Naira and foreign trade.
Investment in Cryptocurrency in Nigeria
Cryptocurrency investment is particularly not a trend yet. However, countries like the U.S are adopting cryptocurrency as a way to pay for food in Burger King, McDonald’s, StarBucks, Bitcoin to be precise. That is one of the cryptocurrency trends that could emerge quickly everywhere else.
Many people in Africa, particularly Nigeria where data show has a great affinity for cryptocurrency now are preparing for when that happens. They consider cryptocurrency safer than naira investments due to naira’s steady fall in the last years.
Cryptocurrency investment is a risk, but all investment with potentially high returns are risky as well. These are some of the reasons to invest in cryptocurrency now.
Cryptocurrency Whales are accumulating more daily and a lot of cryptocurrencies could be in short supply soon. Read more for new Bitcoin records.
Free alternative – Cryptocurrency may be a safer alternative to more traditional investment solutions as stock market are prone to a crash.
Blockchain technology – Blockchain which now serves receipts to all cryptocurrency exchange and keeps a public record of all of the transactions that ever happens.
Regulation in Nigeria – The Securities and Exchange Commission (SEC) is now considering some regulatory measures for crypto investments.
High liquidity – All assets have some level of liquidity but that of cryptocurrencies are particularly high. It is possible to buy and sell instantly backed by algorithm-based trading and other technologies.
Easy – Cryptocurrency investment is easy to start and that might not be the case in the next years to come. It also allows investors to track their assets personally without stress.
Positive forecasts – Growth in cryptocurrency is often big which makes long term investments the best options. More so, many forecasts show that cryptocurrency investment will be very advantageous in the near future.
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