Owning cryptocurrencies is one of the best decisions anyone can make. As a Nigerian, this statement holds more weight as technology offers boundless opportunities for economic freedom. Cryptocurrency has made it easier to carry out transactions and other activities. It radically changes how one can live their lives. It is important that one is aware of the different factors that can enhance their experience as a cryptocurrency beginner in Nigeria.
Use it for Investments and More
Cryptocurrency is here to stay. Initially, most people found it useful as an investment but now it has many more use cases. It’s a lot easier to pay for bills with cryptocurrency than with other methods. For example, NairaEx Bill makes it really easy to save time and money when paying bills. Record numbers of merchants are choosing to accept cryptocurrency from customers. With more online businesses springing up, merchants are looking for new payment gateways to increase their revenue streams. For cryptocurrency holders in Nigeria, this makes it easier to make purchases from stores abroad.
Using Cryptocurrency in a Cash Based Economy
Nigeria is a cash-based economy which means that most of the populace exchanges money, using physical fiat. This means that the average cryptocurrency owner in the nation has to go through the process of converting their cryptocurrency to cash for most of their purchases. NairaEx makes it easy to withdraw your cryptocurrency funds to your bank account. Having a reliable source of funding brings the peace of mind that few financial institutions can offer.
Use a Cryptocurrency Friendly Bank
While some banks have, over time, embraced the idea of cryptocurrencies, other banks have publicly denounced cryptocurrencies and warned their customers to not engage in the purchase of cryptocurrencies. Union Bank, for example, released a statement in 2018 stating that it would shut down cryptocurrency-related accounts. This is a worrying stance which owners of cryptocurrency must consider when choosing which bank accounts to use for their cryptocurrency activities.
Watch Out For Scams
It is important to do your due diligence when dealing with your cryptocurrencies. You need to do your best to go to extra lengths to ensure that the cryptocurrency services that you are using are secure and reliable. In the past, many Nigerians have fallen for scams by fake investment funds claiming to provide returns for cryptocurrency investors. From youth corpers to bank staff, different people of various backgrounds have lost money by failing to do the research needed to avoid scams. You should always try and find out more about a cryptocurrency service before using it through open-source intelligence. By searching Google for the name of a service, you can find useful information about services such as customer reviews.
Make Bitcoin Your Payment Gateway
Unlike many banks, Bitcoin can be used to make fast international transactions. You never have to worry about having your international transactions blocked or delayed. More importantly, you don’t have to worry about getting blocked by payment websites from receiving money from abroad. What this means for the average Nigerian is that they can now make more transactions with people in other countries to carry out business activities. While the Naira falls, Bitcoin and other cryptocurrencies keep rising. It only makes sense to engage in more business activities using cryptocurrency, a more secure and faster means of payment.
The cryptocurrency mining industry makes a lot of money. The average take per node is $1000 per month. Worldwide, mining overall earns $66 million. The mining of cryptocurrencies like Bitcoin is done using ASIC Miners. ASIC Miners are high powered machines dedicated to mining cryptocurrency with greater efficiency than PCs and GPUs. For the average Nigerian operating Asic Miners can be quite expensive and presents high risks of unprofitability. This is due in part to the inconsistent electricity supply and associated costs. There are, however, some cryptocurrencies that can be mined on PCs and phones but they do not offer the highest returns. Cryptocurrency projects such as Ethereum offer new ways to mine cryptocurrencies from one’s PC or even phone. ETH 2.0. update, for example, could allow for mining of cryptocurrencies, using an Android.