Cryptocurrencies: Can Nigeria be Topmost in Trading Bitcoin?

The Crypto world has taken up the world. It has become a bandwagon and at the same time a necessity for many people. Yes, necessary because of the losses people faced during the pandemic. The COVID-19 pandemic doomed millions of opportunities for people but this was not the case for bitcoin or other digital currencies. The aftermaths of the pandemic are prevalent and many had their businesses collapse. Therefore, in such a situation trading cryptocurrencies become necessary to carry on the livelihood circle.

In a similar context, Nigerians have inculcated into the crypto market to enjoy what favors them ahead. They know that the future is digital now and crypto will be giving them skyrocketing profits by trading. Trading is the best option if done carefully with the help of trading bots such as bitcoin code that assists and prevents a maximum number of losses. When investing your amounts one should get profits and no losses. However, it can be the best option.

Loss of Faith in Traditional Investments

Investing money has always been hit among people but earlier situations were a bit different. Nowadays, the circle of circumstances has changed. In other words, it looks like a paradigm shift for people who have adapted to the new normal lives. These circumstances have made them lose faith in the traditional ways of investment because they will no longer bear good profits for them.

Many youngsters who were hardly meeting ends through jobs having minimum wages came across bitcoin in 2016 in Nigeria. Adverts and promotions attracted them and so they started with their minimum amounts in this market. Today they have developed into billionaires. However, the uplift of the crypto market boomed in recent years and pandemic was the sole reason for this fueling up.

Nigeria Being Topmost

Researchers have shown that among the 10 countries, Nigeria ranked third place for trading volumes in the crypto market. These digital ones have been most transacted in Nigeria during last year. Nigeria has been one of those countries that have had banned dealings related to cryptocurrencies. With the challenging economic crises and unemployment, it has now eased such regulations. Since the drawbacks with the crypto market are prevalent and so Nigerian government has developed great alternatives to the bitcoin and that is the development of eNaira which is far more stable than the bitcoin’s fluctuating behavior.

But still, the naira has been devalued and people think that they are getting back-to-back losses. That is the reason more people looked into bitcoin now. Bitcoin has a bright future in Nigeria. Banking has been tiresome but the cross-border transactions were assisted because of bitcoin during the pandemic. People were afraid of using fiat currencies so bitcoin was their rescue. People have attached their overseas accounts and have devised ways to easily transact bitcoins.

Conclusion:

Nigerians find it an easy tool for future investments. Though, there are risks because people think that bitcoin can disappear at any time but at the same time it has influenced the world. It has become a way of money attracting other money. Nigerians don’t want to lose opportunities and they want to avail all possible profits. However, the Nigerian government despite banning should make regulations on trading bitcoins. This can reduce the risks of money laundering associated with the blockchains.

A maximum number of Nigerians are in this booming market and as a result, Nigeria has been on top. Therefore, Nigeria is full of bright opportunities in the future and netizens are eager to gain. None of the bans can be enforced to dismiss bitcoin trading because bitcoin is the new normal and you should delve into it!