Cryptocurrency is not scam

Cryptocurrency has been labelled scam by most people and that’s because they don’t understand the idea behind it.

Cryptocurrency or crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. Cryptocurrency can also be seen as a way of investing in your future

On January 3, 2009, bitcoin came into existence. People who could not afford to lose the opportunity invested in it and now it is worth thousands of dollars.

If the government has the right people in the finance sector, the government would have benefited from bitcoin.

What would it take the Nigerian government to do the same?

The police should also be enlightened adequately on policing. I’ve been wrongfully arrested for having a crypto app on my phone and the sum of five hundred thousdand naira was extorted from another young man because the Central Bank of Nigeria banned cryptocurrency.

I’ll urge the federal government to invest in cryptocurrency and employ people who understand how crypto works, how to check signals and also educate the public on investing the little they have into it.

Crypto is just like the stock market but easier to understand. Cryptocurrency can make the future of  Nigerians brighter and clear the debts of the nation.


Afolabi Tobi,

Adekunle Ajasin University, Akungba-Akoko.


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