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Cryptocurrency The Best Bet As Nigeria Hits Recession Again

Denwigwe Blossom

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Cryptocurrency The Best Bet As Nigeria Hits Recession Again

With the continuous devaluation of the naira notes in the world exchange rates, cryptocurrency has proven to be the best bet for Nigerians in 2020 even as Nigeria heads for a third recession. This piece is on cryptocurrency the best bet in Nigeria.

Lots of Nigerian citizens and residents have in past times turned a blind eye to this fast-growing business platform called the cryptocurrency. In recent times, because of the situation in the country, the record has it that the Nigerian population involved in crypto trading is quite alarming.

Cryptocurrency is a digital coin that serves as money, organized to function as an electronic method of exchange. Here records of coin ownership are beautifully stored inside an e-edger/space that exists in form of a computerized database. To secure the records of transactions, strong cryptography is used. The tool “cryptography is also used to create new coins, control the creation of additional coins, and validate transferred coins.

cryptocurrency the best bet

These coins are not existing in paper forms neither can they be felt by hands. They are also not created issued or regulated by a central authority. Cryptos are decentralized as there is no central authority, contrary to other centralized digital currencies and not central banking systems.

Related: The scramble for Nexit mobile mapping app

Immediately these digital coins are created or minted as the case may be and have not been sent out, they are considered as centralized digital currencies. Put simply after crypto coins are manufactured issuance by a single user automatically makes it a centralized coin.

If after creation, these coins are now implemented with a decentralized control mechanism, then they are seen as decentralized.

Every crypto coin/currency functions through a ” distributed ledger technology” usually called a blockchain. This tool works as a general financial database.

It is on record that Nigeria cannot salvage her situation as she heads for a second recession after five years.

The Nigerian bureau for statistics(NBS) has it on record that in Q3 2020  there has been a shift of 3.62% in real GDP. This confirms the wide gossips that the Nigerian economy has once again fallen into another recession after years.

Inside that data disclosed by the National Bureau of Statistics (NBS) for Q3 2020, it has been noticed that with the variation of 3.62% in the total gross domestic product(GDP) for Nigeria, there is all indication that indeed the Nigerian state has not been able to make her self recession-proof. It was in 2016 that there was a cut of 1.62% in the economy, and it has been five years since then.

This general decline in the Nigerian GDP for Q3 2020 is strongly associated with the low Business activities at both national and global points which have affected the economic growth rate of the country. This decline was caused by the COVID 19 pandemic which the whole world is still trying to recover from.

It has been observed that the non-oil sector did contribute a big deal to the real GDP in Q3 2020. This contribution has been graded 91.27% which is much more than its contribution of 90.23% in Q3 2019 and also 91.07 in Q2 2020. The oil sector in Q2 2020 contributed 8.93%, in Q3 2019 it contributed 9. 97% but in Q3 2020 it has reduced to 8.73%.

As a result of these statistical findings, investing in currencies that are not regulated by any authority becomes very necessary. To learn more about investing in various currencies, click now.

Related: 5 questions to ask before investing in any cryptocurrency

What this implies is that as long as the value of the Nigerian naira keeps on depreciating all business, profits and saving goes done with it. It is therefore important to at least start investments in cryptocurrencies immediately to run away from the devaluation hazards.

Conclusion

In conclusion, the assertion “cryptocurrency the best bet in Nigeria” is as true as it becomes. The prices of coins keep going up and life is just as beautiful as it comes. However, you must note the volatility of the tender and work with experts in handling the necessary things.

 

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Welcome!! I am Denwigwe Blossom a writer with top-notch skills. Interesting conversations and strategic thinking is my specialty. By the way, I love playing chess and i love to write.

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Top 10 Blockchain Startups in Nigeria 2020

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Over the years, modern technology has been dominated by companies based in first world countries. However, technological resources shouldn’t be located exclusively to a minute part of the world. In reality, the possibility of technology invading every sphere of human endeavor with its potentials can only be achieved when tech resources are distributed globally, as well as their use in helping local populations who are already showing a degree of commitment to improving their developing communities. More so is the advantage of knowing which of the crypto companies to invest in and how. With this list of the top 10 Blockchain Startups in Nigeria 2020, you can never be wrong in your choices!

In Nigeria, Africa’s largest economy, a number of blockchain startups are growing to meet the need for a cryptocurrency-thirsty populace. This is regardless of the fact that cryptocurrencies are not yet accepted legal tender in the West African country. Between April and June this year (2020) alone, $34.4 m was transacted in Bitcoin in Nigeria, the largest share on the continent. As stated by Usefultulips, South Africa followed behind with $15.2 m; Kenya with $7.8 m; Ghana, $ 640,000 and Tanzania $600,000.

It should not be alarming, therefore, that useful platforms through which cryptocurrencies are traded are springing up in handful places around the country.

Of all these platforms, I bring to you those that I consider the top 10 of Blockchain startups in Nigeria. See them below:

Top 10 Blockchain Startups in Nigeria 2020

(1) Quidax

Co-founded in 2016 by Uzo Awilli and Buchi Okoro, Quidax allows its users to freely purchase as well as sell cryptos in their local currency. Trading in Ethereum, Ripple, Bitcoin, Litecoin alongside other cyptocurrencies can be easily done on Quidax.

(2) BuyCoins

Provided by Bitkoin Africa, BuyCoins was founded in 2017 by Timi Ajiboye, Tomiwa Lasebikan and Ire Aderinokun. BuyCoins has a funding of $120,000. Users on BuyCoins have the opportunity to buy and sell cyrptocurrencies within a very short range of time.

BuyCoins conduct their services via their app, taking off prospective traders the stress of seeking other traders in the crptocurrency market. BuyCoin supports Bitcoin Cash, Litecoin, Bitcoin and Ethereum. Cryptos can be traded via their app which is available for IOS and Android devices.

(3) Bundle

Bundle is provided by and backed by Binance and was founded by Yele Bademosi. With Bundle, users can sell or buy Ethereum, Bitcoin and BNB. They also offer their customers the opportunity to buy cryptocurrencies using bank or card transfer. Proceeds from sales of cryptos, could also be withdrawn and deposited into your commercial bank account. With just N500, you can trade in BNB or Bitcoin.

(4) Yellowcard

Yellowcard provides users services for purchasing cryptos via the internet through debit cards or bank transfer. With this, they (users) can load their back accounts in the local currency, before paying for the digital coins they’re interested in. Currently, Yellowcard is in support of dash and Bitcoin core and would be adding tether (USDT) and Bitcoin cash (BCH) in the days ahead. Yellowcard is founded by Chris Maurice

(5) Patricia

With a dynamic operating mode, Patricia makes trading in cryptos like Ethereum, discounted gift cards, Bitcoin, Perfect money, etc. easily available to prospects.

(6) ABiT Network

Founded by Gauis Chibueze (aka Bitcoin Chief), ABiT Network provides blockchain e-commerce services throughout Africa. Some of ABiT’s products include ABiT Play, ABiT Go, ABiT Farm, ABiT Reps, ABiTCrowd, ABiTrader, and Tatcoin. For instance, with ABiT Reps, ABiT offers youths the opportunity to earn by telling others about ABiT products. Their apps can be found on different online stores such as Android and IOS.

Top 10 Blockchain Startups in Nigeria 2020

(7) CryptoTvPlus

CryptoTvPlus is one of the leading media agency on the continent. They provide the latest info on events, updates, project reviews in the digital currency market. They have an active online presence on Facebook, Twitter and YouTube with an application for easy access on Google play store. Founded in 2018, Cryptotvplus has a revenue of $ 15.40 million.

(8) Bitfxt

Bitfxt is another Nigerian cryptocurrency startup. Recently, in February 2020, they secured N5.45 billion from UK-based Payitup clearinghouse Ltd in a bid to expand their cytocurrency infrastructure. Traditionally, Bitfxt deals in Bitcoin and allows trade from prospects all around the globe.

(9) Roqqu

Founded by Uchenna Nnodim, Roqqu provides a speedy platform for the buying and/or selling of cryptocurrencies. Within thirty minutes, withdrawals are completed using Roqqu. They support EOS, STEEM, Ethereum and Bitcoin transactions. Like other cryptocurrency trading platforms, Roqqu has an app on Google Play store for easy trading. Traders on Roqqu are referred to as Roqquians.

(10) NairaEx

Founded in 2015, NairaEx has recorded over hundred thousand users with over one million transactions. They are one of the most popular in the digital currency market on the continent. NairaEx is a top blockchain company in Nigeria where cryptocurrencies such as Litecoin, Bitcoin Cash, Ethereum, and Bitcoin are traded. They are a reliable company for the exchange of Bitcoin and other cyptos through common payment platforms. NairaEx allows users to fund and withdraw within the same day.

11.Conclusion

The majority of the blockchain companies mentioned and discussed in this piece and others not mentioned here are founded and spearheaded by young Nigerians. These are highly spirited individuals who are seeking novel solutions to ancient problems in their immediate environment.

Ranging from agriculture, to the energy sectors and the financial payments service industries, these startups are making life better for many. You should find a way and align with the current trend. There is something for you if you invest in cryptocurrency today.

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