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Venezuela Launching Their Own CryptoCurrency, Will Nigeria Officially Launch Her Own? By GT Igwe Chrisent

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Venezuela Launching Their Own CryptoCurrency

Venezuela Launching Their Own CryptoCurrency, Will Nigeria Officially Launch Her Own?

In recent times, Blockchain and cryptocurrency in general with Bitcoin taking the lead has become a thing of concern as the disruptive technology have been trending online, attracting the interest of various economies and industries.

CryptoCurrency, as seen on CoinTeleGraph, is

A digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency”

By this definition, it means Cryptocurrency is money and can serve the same purpose fiat (Paper money) can serve.

People use cryptocurrencies like Bitcoin, Abjcoin and the rest for buying and selling, although it still at a young stage of adoption.

In December 2017, the President of Venezuela, Nicolas Maduro, officially said the pre-sale of the country’s proposed cryptocurrency – the “petro” will launch on the 20th of February 2018.

According to Bloomberg, Maduro stated on state TV saying

“The petro will have a great impact, in how we access foreign currencies for the country and in how we obtain goods and services that we need from around the world.”

Germany as a country, on the other hand, have legalized the use of Bitcoin and cryptocurrency as legal tender.

Looking at the Facts above and the fast growth of this disruptive technology of Blockchain, is Nigeria going to launch theirs or adopt an existing cryptocurrency?

If the Nigerian Government will produce one, what purpose will it serve?

If they will adopt an existing cryptocurrency, which project will that be?

While making further research on this, I came across a locally made cryptocurrency (ABJCOIN) currently listed on CoinMarketCap and trading on various international exchange websites with other good cryptocurrency projects.

ABJCOIN at www.abjcoin.org is poised to foster a borderless trade and commerce in Africa and to other parts of the world.

Looking at the roadmap of ABJCOIN as seen on their website (www.abjcoin.org), the Coin is set to

  • Connect all Nigerian and African banks.
  • Introduce the first Cryptocurrency ATM Machine in Africa.
  • Stand-alone and won’t depend on Bitcoin to control volatility.
  • Remitting Cryptocurrency and Fiats across various industries across Nigeria and Africa at large. (Pay for Electricity bills, Schools and exam fees, transport and flights, malls and receiving payments) and
  • Almost zero transaction fees of 0.01 ABJ.

This is an amazing roadmap coming from ABJCOIN and looks like a way forward if the Nigerian Government will adopt cryptocurrency.

The Question now is;

What is the Future of CryptoCurrency in Nigeria?

  • Cryptocurrency is definitely the future of money as it correlates with the cashless policy the Nigerian government is currently projecting.
  • By adopting cryptocurrency, everyone including individuals, companies and the government itself enjoys a cashless economy with an insignificant fee on every transaction.
  • Experts like Robert Kiyosaki have made positive statements about Cryptocurrencies being the future of money.
  • Developed countries like Unites states, South Korea, Germany, China isn’t banning the activities of crypto, but regulating the activities of cryptocurrency companies to project investors.

On this, Its recommended the Nigerian government watch this closely and follow the trend of cryptocurrency to avoid losing out later.

 

 

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What is Cryptocurrency And How Does It Work? 

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Obiex finance website

Cryptocurrencies are decentralized digital assets that operate on blockchain technology that in turn operates by storing a ledger of every transaction on all nodes powering the blockchain. 

In layman’s terms, blockchain technology is like a record keeper, it collects data (in blocks) and links one block of data to another, forming a chain. The data on the blockchain is open for all to see and cannot be easily altered. Blockchain technology can be used for a variety of use cases besides cryptocurrency, ranging from voting to crowdfunding, keeping health records, etc.

Using Bitcoin as an example, nodes are computers connected to the network to mine Bitcoin,  – this collection of independent nodes working together is what makes the network decentralized.

The decentralized nature of cryptocurrency is down to the creators recognizing flaws in traditional banking & financial systems like governments and financial institutions acting only in their best interests and not in the best interest of the common man, leading Satoshi Nakamoto (the creator of bitcoin and blockchain technology) to take steps to rectify that.

Related: What are NFTs?

To make cryptocurrency transactions, you will need to have a set of both public and private keys that will act as passwords protecting your crypto wallet. 

The Public key is connected to your wallet address, allowing you to share the address with others to receive cryptocurrency, while the private key is known to only you and is what you will use to approve outgoing crypto transactions from your wallet. 

Trading Cryptocurrency on Obiex

Obiex finance website

With the popularity of cryptocurrency trading currently at an all-time high, the biggest challenge for many rookie traders is selecting which cryptocurrency exchange to trade on.

If you fall in this category, the immediate priority should be finding an exchange that allows rookie traders to make trades easily, doesn’t charge extra fees and is completely secure. That exchange is Obiex Finance.

In this guide, you will be shown how to navigate the Obiex mobile app & website easily and what to do to get started with making cryptocurrency trades. 

Getting started with Obiex Finance 

Obiex Finance is a digital asset exchange and financial technology (Fintech) platform that gives its users the ability to easily execute cryptocurrency trades from anywhere regardless of their skill level.

Their commitment to ensuring that users get the best experience is shown in how they allow instant swaps from volatile coins like Bitcoin to stable coins like USDT, and vice versa, without confirmations. In a market where the value of crypto can fluctuate wildly, this feature is especially valuable as it allows users to seamlessly switch between making profits to saving those profits in a more stable currency before the value drops.  

To create an Obiex Finance account, simply head over to their homepage, click on “sign up”, fill in the required fields and verify your email address. After that, create wallet addresses for your crypto assets and you’re ready to start trading!

The cryptocurrency available for trading on the Obiex Finance platform are: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Polygon (MATIC), Dogecoin (DOGE), Tether (USDT), Binance USD (BUSD), and USD Coin (USDC).

Getting Started with Cryptocurrency trading

After creating your Obiex account, you need to follow these simple steps:

  1.     Have a Trading Strategy: Trading cryptocurrency without having a strategy in place is the easiest way to lose your money. You will need to research the various crypto trading strategies thoroughly and choose the one that best suits your needs and temperament. For example, if you’re a patient person who is content to make smaller, safer trades over a long period of time instead of making riskier trades, then scalp trading is the best trading strategy for you. There are also other crypto trading strategies such as Swing trading, position trading, Arbitrage, dollar cost averaging etc.
  2.     Pick the cryptocurrency you’d like to trade: There are several cryptocurrencies available on Obiex Finance such as Bitcoin, Ethereum, Binance Coin, Tether etc. Selecting which cryptocurrency to trade is usually down to making a choice; whether to stick with the safer, more established cryptocurrencies like Bitcoin or to go with the more volatile coins that have a high upside and an equally high-risk factor like the Dogecoin which can move in either direction based on what Elon Musk tweets.

It is also important to note that when you pick a cryptocurrency to trade, it would be wise to ensure that the cryptocurrency matches the strategy you pick. For example, if your preferred strategy is patient scalp trading, then investing in volatile coins that have a high upside but carry a lot of risk is not the wisest move. 

To swap crypto on Obiex Finance, add the wallet of crypto assets you’d like to swap, send the crypto to the wallet you just created, navigate to the ‘swap’ option on your dashboard, and select the coins you’d like to swap. You will receive the swapped coin in your wallet balance immediately without waiting for network confirmations.

  1.     Securely store your cryptocurrency: The same way you’d protect your goods and profits if you had a physical store is the same way you need to protect your cryptocurrency so it doesn’t fall into the wrong hands.

You can store your crypto securely on your Obiex wallet but if you want an alternative, physical wallets are also an option. Physical wallets allow you to store your crypto in secure hardware, offline storage device reducing the likelihood of online hackers stealing your hard-earned crypto. This is a list of reliable physical wallets you can use.

Conclusion

If you’re a newbie to crypto trading, the keyword is patience. Taking the time to properly understand the market before making trades will stand you in good stead. While risks occasionally pay off, a patient, long-term strategy is required to make consistent profits. For more information about trading as a newbie, you can check this out to understand unfamiliar crypto terms and to learn more about spot trading and futures.

Obiex Frequently Asked Questions | Obiex FAQs

  • Will I be charged a fee when I swap coins on Obiex? 

No you won’t. While other crypto exchanges charge for trades and require confirmations to execute swaps, Obiex allows you to make free, instantaneous swaps without the delay that comes with waiting for confirmation. This also helps you avoid unnecessary losses.

  • Can I trade crypto on Obiex if I don’t know much about crypto? 

Yes, you can! The Obiex Finance platform allows both rookie and experienced traders to make easy, safe trades regardless of trading experience.

  • Can I send and receive crypto easily?  

Yes, you can. To send crypto, you will use your private key to execute outgoing trades and your public key/your wallet address to receive incoming trades. You can also send and receive crypto using just Obiex usernames.

  • Why do I need to swap coins? 

Swapping coins allows you to either acquire a coin you think is (currently) more valuable than a coin you have a lot of. You can also use swaps to ensure that your funds are invested in a more secure coin like USDT if you feel the volatile coin you’re holding is about to go on a bear run and lose value.

  • Do I get a referral bonus when I invite friends to use Obiex? 

Yes, Obiex has a referral campaign that rewards users that invite their friends and family to trade the minimum of $10 on Obiex.

 

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