Cryptocurrency has spread across different nations of the world, thoroughly exposing its inevitable predominance in the financial world. A whole number of countries have examined its positive impact and blended it with the already practiced traditional financial protocol. Nigeria, as well, is not left out and its youth are gradually blending into the cryptocurrency world.
While some countries have arguably stuck to regulatory policies that keep the digital currency on the leash, Nigeria has ignored policy adoption that could legalize its utilization in the region. In fact the Central Bank of Nigeria had in 2021 exerted a restriction on commercial banks to aid cryptocurrency transactions, especially in terms of buying and selling, highlighting a severe penalty on any financial body that aided in facilitating crypto trade.
The ban has in no way refrained citizens from testing the promising waters of the digital industry, although it has made the exchange process a little more technical. Popular cryptocurrency exchange, Binance, had even taken steps to sponsor several Television shows and the African Cup of Nations (AFCON) in which Nigeria participated in the qualifying stages.
Every developing nation like Nigeria may require more than mere speculations on the impact of cryptocurrency to delve and thrive in the industry. There have to be valid ways in which Nigerians can tread in the crypto path for a more successful outcome. But would it be worth the risk?
The world is constantly evolving, with simplified means to operate our daily activities being unraveled each day. While the digital world may have paved the way for a simpler means of extortion, it has also proffered easier access to financial operations. Here are some ways cryptocurrency adoption is changing the financial trajectory in Nigeria:
As we advance, we tend to feel the need to venture into various money-making areas to increase our income and get us through our daily financial challenges. Cryptocurrency has been a major form of long-term investment (holdings) as well as short-term (trading). While its volatile nature can pose a risk, it also accords chances for a profitable end.
No doubt, there are perceived dangers attached to a currency with no third-party regulation, however, this makes the currency more flexible and less technical to use for its various transaction purposes. Many Nigerians have faced the frustration of pushing through with international transactions using the traditional finance method. However, digital payment methods can make it all less of a stressful task to get done.
The blockchain system in which cryptocurrency operates has to be one of the major reasons for its popularity. There wouldn’t be any need for tedious or time-consuming transaction processes with cryptocurrencies. All that is required is a crypto application and a network link to process transactions from the comfort of your home.
High costs of transactions in the traditional banking system have been a major setback for a lot of people, especially Nigerians and the introduction of cryptocurrency seems to scream trustworthiness at a relatively lower cost.
At a time when inflation and unemployment is on the rise, its important that Nigerians blend into the cryptocurrency to have a feel of the benefits the industry provides.
Some ways through which Nigeria can adapt in the crypto industry include:
It is not always enough to know what you want out of a thing. There is the necessity to know how to pull through with how to get what you want and this births the need for enlightenment. For Nigerians to effectively adopt cryptocurrency for its usefulness, there may be the requirement for in-depth knowledge about how the space works.
Currently, most Nigerians perceive cryptocurrency as a get-rich-quick scheme and this ought not to be so. There has to be no lack of understanding of the long-term advantages that can be derived from innovation. Time must be devoted to learning through all of which the blockchain-based system holds. Although the system might not have organized cryptocurrency programs set out for its citizens due to its speculated disagreement in crypto adoption, there are online programs to help with the learning process. These programs may also alert you of the most reliable platforms for your location.
Not many Nigerians may understand that the crypto industry holds the key to major sources of income, given the current outrageous rate of unemployment in the region. While most citizens may already be abreast with the capital appreciation (buying and holding) pattern of earning from crypto, there are diverse means that may suit different individuals’ preferences. Here are some crypto options that could bring in that extra income
There is room for everyone to excel in the crypto industry, provided there is patience and preparation to back up the entry process. Many nations of the world may not be certain about the good that crypto technology can offer currently. The hopes remain high that innovation of this technology will in no time provide clarity for everyone, including Nigeria to fully embrace.