Why Nigerians Should Invest in Cryptocurrency now

by Kehinde Sodiq

Imagine how crazy the crypto market went dip recently, yet Binance and some investors aren’t affected by the crash. 

The decrease rate was so much that Binance lost $1.6billion worth of Luna coins during the crash. Still, when version 2.0 of Luna was announced, Binance listed it. Why?

Because as the founder of Binance, CZ didn’t just speculate on the market. He created values. 

CZ could have thought, “Oh, let me invest in cryptocurrency now. It will be worth billions in the next few years,” but instead, he created a platform that helps people (Investors & traders) around the globe. 

In 2017, CZ founded Binance, but before then, he invested his $1million into Bitcoin. Fortunately, he lost 70% of the investment due to the bitcoin crash and kept his 30%. CZ joined some workforce in the crypto industry to solve crypto problems.

He became the CTO of OkCoin from June 2014 to February 2015 and founded a crypto company Binance in 2017. Presently, Binance leads the most crypto platform and is worth over $60billion.

Since the creation of cryptocurrency, investors have been expanding their sight in the virtual market and are losing interest in the stock market. The stock market is popular for long-term investment. But people want a short-term investment with long-term wealth, and then crypto comes to their rescue. But the truth is, crypto is hard! Oh, sorry, I meant crypto is complex. So it’s for the bold and those ready to learn the market strategy.

Moreover, Nigeria’s banking issues, such as time consumption and unnecessary deduction of balances, have given the youth more reasons to invest in cryptocurrency now, even when people barely understand the market.

Since the crypto infrastructure is built on the blockchain ecosystem, Nigerians should invest in cryptocurrency now if they want their business to scale on an international level.

According to bitcoin.com, Nigerians traded over $800million in bitcoins, compared to the USA, which took the first position.

Does the recent dip make crypto not worth investing in? NO!

Crypto Tips For Those That Plan To Invest in Cryptocurrency Now

  1. The crypto basics

Cryptocurrencies are digital currencies used to perform transactions secured through codes (encryption) in a computational procedure known as an algorithm.

These currencies are created purposely to keep our money safe and give us freedom from any central authority like our traditional banks.

In this digital age, transactions are done online. People send or receive money easily. Thanks to the internet. Despite the unbalanced flow of money in the country, youth still invest heavily in cryptocurrency.

People carry out businesses, negotiations, deals, exchanges, and trading to facilitate transactions while also afraid of losing their money.

Read also: Fast Introduction to Blockchain and Cryptocurrency for Nigerians

  1. Facts Nigerians should know before investing

The purpose of every investment is profit, right? Yes. But should you put money into things you know nothing about? No! Investment doesn’t work that way. Before putting our hard-earned money into crypto, you need to improve your work ethic concerning the cryptos investment.

If Nigeria can adopt crypto, we can get rid of poverty. Therefore, Nigerians should invest in cryptocurrency now for the benefits it holds. We can invest our time in learning the core aspect such as software engineering, crypto content writing, and other careers in cryptocurrency we can venture in.

The opportunities and risks involved in investing in cryptocurrency

  1. The investor’s fear

When it comes to investing, demand and supply are important, and It is either profit or loss. The belief is that the investor does not get what they invested (the actual money he or she put in an investment).

Investing in cryptocurrency now might be risky, but the goal is to learn and make tangible profits. So, investors should learn about currency flows in different market trends.

  1. Crypto is here to stay!

With the boom in bitcoin investment in Nigeria, cryptocurrency prosperity is certain. Nigerians aren’t lagging when it comes to investing. 

Over the years, there have been recorded losses, but those that take the time to apply real strategic risk management in investing in cryptocurrency now are making massive profits from their investment.

Imagine you held bitcoin when it was $250 you should be swimming in money by now.

Crypto is here and is gaining root already. It offers opportunities such as peer-to-peer advantage and a decentralized ability to create trustworthy security for its customers. This and other benefits are what follow the adoption of cryptocurrencies. However, if we want privacy and maximum security for our money, we must pave the way for crypto to showcase its ability.

  1. The risk involved

Facts need to be held before investing our money into cryptocurrency.

Crypto is more than holding or buying coins. If billionaires are made in seconds, then losses can also occur in a few minutes, if not seconds. But if the right method is learned, everybody smiles.

Everyday, the crypto market accommodates thousands of transactions with different fundamental values. 

Since Africa is gaining more popularity in this space compared to Europe, therefore our government should look into the issue and give more enlightenment to those that are planning to invest in cryptocurrency now and future investors.

Crypto traders should know that there can be on and off in the market. Cryptocurrency can be on one day and be gone the next. This could make the investor’s money worthless, which is why it’s important to have a strategy for investing in cryptocurrencies and orientation on how to manage risk.

Many investors are aware of the risk but are ignorant of how to manage it.  Most millionaires in this space are strategic in buying, selling, or holding currencies without being greedy.

Read also: Top 10 Interesting Myths About Cryptocurrency

  1. The fantastic benefits

  • Information and data are safe 

The issue of fraud and security is solved in the crypto ecosystem since any currency built on blockchain technology always guarantees flawless security to its users.

  • There is no limitation on withdrawals and deposits

There are limitations to the amount of money that can be withdrawn or deposited to our traditional banks in a day. But crypto has no limit when it comes to making any transaction online.

  • 24/7 ongoing transaction

Unlike the traditional banks, the cryptocurrency market is open for 24hours a day, except if there are any market updates or changes. This free time (opportunity to trade) gives more learning and trading benefits.

  • Low transaction fee

Ban monthly charges are tiring, and crypto makes it easier to make instant transactions without transaction fees or documents attached.  Also, all the transactions made will be stored in a blockchain, making them easily traceable.

Read also: How to Make Money from Cryptocurrency in Nigeria

  1. Millionaires are traders

Trading involves buying or selling digital currencies when there is a rise or fall in the market price.

Are you aware of the best cryptocurrency to invest in now? 

However, for those investors looking forward to becoming a millionaire, trading crypto is one way you can choose.

Learning the basics is important. For example, investors should be familiar with spreads, how to take stop loss and profit, and other markets’ technical analyses.

Millions await you if you’re ready to take a bold step to start investing in cryptocurrency now. You won’t regret it. Those who invest in cryptocurrency are worth millions compared to those that invest in cryptocurrency now. But there are still many opportunities for newbies in the industry.

Conclusion

If crypto continues to showcase how it can make more millionaires (even from scratch), many opportunities will be open for investors. It’s nice to invest in cryptocurrency now than later, while it’s great to have a solution to provide in the crypto space.

Crypto is new, and there is a lot to learn if we are all willing to make a profit from the space.

Did you learn something new today?

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About Author

Avatar of Kehinde Sodiq
Kehinde Sodiq
A freelance blockchain SEO content writer.
He writes content for web3, cryptocurrencies, blockchain & Defi projects.
He believes in crafting clear content that attracts the right audience. And also satisfies the search engine algorithm to boost audience visibility.

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